Bitcoin Has The Potential to Usher in a ‘Money Revolution’ Amidst US Bank Collapse – Cathie Wood
ARK Invest CEO Cathie Wood believes that Bitcoin's recent significant surge, following the collapse of US regional banks, indicates its potential as the future of currency.
In an interview with Barron’s, Wood outlines three reasons supporting her positive stance on cryptocurrencies.
According to Wood, Bitcoin experienced a 60% increase, surging from $19,000 to $30,000, when certain US regional banks failed earlier this year. This rise occurred because investors turned to Bitcoin as a secure store of value for their wealth. Wood expects this trend of using Bitcoin as a store of value to continue and grow.
Wood asserts that crypto is driving three key revolutions. Firstly, Bitcoin will dominate the “money revolution,” as evidenced by its resilience during the regional bank crisis. She envisions a return to a digital, rules-based monetary system without government oversight, akin to pre-Federal Reserve times.
According to Wood, the second revolution is in decentralized finance (DeFi) centered around Ethereum. Various infrastructure providers are vying for supremacy in this field, leading to a survival-of-the-fittest scenario.
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Lastly, Wood identifies digital property rights as the third revolution, encompassing non-fungible tokens (NFTs) and the metaverse. People are already purchasing virtual real estate, gaining status within the virtual world.
Touching on ARK’s holdings, Wood expresses confidence in Coinbase (COIN), despite the recent SEC lawsuit accusing the exchange of selling unregistered securities. She anticipates that the courts will find the SEC’s actions excessive, and the US Congress will introduce crypto-friendly legislation.
As a result, Coinbase is expected to emerge victorious in this situation, as other competitors have either avoided entering the US or left due to regulatory concerns.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
