September 24, 2023

Cathy Wood, chief executive officer of ARK Invest, reiterated her support for cryptocurrencies such as bitcoin and ether on Monday, despite the collapse of several digital asset companies last year and new signs that US regulators are looking to tighten their grip on the industry.

Wood called bitcoin BTCUSD,
The network is “completely decentralized and transparent,” but said bankrupt crypto companies FTX, Celsius and Three Arrows were “completely opaque and centralized” in an interview with CNBC on Monday.

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“Those were the companies that went under,” she said.

Wood also said that bitcoin is leading a “money revolution,” while ether (ETHUSD),
Ushering in a financial services “revolution”.

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Wood told CNBC that the so-called Web Three, or the next generation of the Internet, which some believe could be decentralized, is leading a “third revolution” in digital property rights.

“I know that the best way to lift people and countries out of poverty is by giving them immutable property rights. And we think WebThree is about bringing digital property rights to this new world,” Wood said.

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In a January report, ARK Invest predicted that bitcoin would reach approximately $1.5 million by 2030. The cryptocurrency is trading at around $23,316, up 41.8% year-to-date but still down 66.2% from its record high in November, 2021.

Wood’s fund, which typically invests in high-growth, technology-focused companies, had a stellar 2020 and 2021 bull run, but crashed last year. Its flagship Arc Innovation ETF ARKK,
It fell more than 67% in 2022, but is back about 24% so far this year.

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