Talking at Consensus 2024, Cathie Wooden chimed in on her crypto preferences, indicating a partiality to Bitcoin.
Throughout a panel dialogue at Consensus 2024, Cathie Wood, CEO of ARK Invest, made her stance clear, expressing robust help for Bitcoin (BTC) over all different cash.
“It’s a huge concept and unstoppable,” Wooden mentioned of Bitcoin, “There’s no throat to choke. When Fb launched Libra, there was a throat to choke, however there’s no such vulnerability with Bitcoin.”
Wooden argued that no different crypto comes near Bitcoin’s potential and significance. She addressed the significance of sustaining Bitcoin’s rules, like decentralization and self-custody.
“The warmth is on as a result of Bitcoin is a brand new asset class. It’s a financial system, nevertheless it additionally represents a brand new asset class,” Wooden mentioned on the convention in reference to the latest spot Bitcoin ETF approval.
Cathie Wooden on the spot ethereum ETF
Wooden known as the latest spot Ethereum ETF approval “stunning” and credited the ETF’s fast and seamless approval with pro-crypto momentum within the U.S. authorities.
“The learn was that [the ETF] was not going to be accepted. It was completely not going to be accepted,” Wooden mentioned.
Wooden referenced the passing of FIT21 and Former President Donald Trump’s “coziness” to crypto, indicating that cryptocurrency coverage is an election situation.
“We have been certain it was going to be denied,” Wooden mentioned.
Cryptocurrency’s emergence as a major election situation in the USA is prompting candidates and legislators to make clear their stances on regulation, probably shaping future monetary and technological landscapes.
Wooden emphasised that voters involved with finance and financial stability might sway policymakers to undertake clearer pointers, balancing progress and safety within the crypto market.
The Federal Reserve
When requested concerning the Fed’s utility, Wooden expressed the sentiment that it needs to be discontinued or toned down as Bitcoin and the ability of cash develop.
“It’s time to dial it down dramatically and let market forces prevail,” Wooden mentioned.
Wooden has criticized the Federal Reserve, echoing themes that it’s archaic as a result of its outdated method to financial coverage within the face of worldwide asset courses, like Bitcoin.
Bitcoin over Ethereum
When requested if she might solely spend money on both Bitcoin or Ethereum (ETH), Wooden state she would strongly select Bitcoin.
“Bitcoin, palms down. No query,” Wooden mentioned.
Wooden as soon as once more highlighted Bitcoin’s usability and world financial worth when discussing its recognition over all different crypto choices.
Ark’s worth goal for Bitcoin relies on the idea that Bitcoin will seize over 3% of the worldwide cash provide outdoors the large 4 (US, UK, Japan, and Europe). Wooden mentioned that this prediction is conservative.
Wooden additionally voiced constructive sentiment in the direction of El Salvador’s embrace of Bitcoin, additional solidifying her place.
