During her speech at Consensus 2024, Cathie Wood shared her views on cryptocurrency, revealing a clear preference for Bitcoin.
As she participated in a panel discussion at Consensus 2024, Cathie Wood, the CEO of ARK Invest, voiced her unwavering support for Bitcoin (BTC) over all other digital currencies.
Wood described Bitcoin as a revolutionary and unstoppable concept, emphasizing its lack of vulnerability compared to other cryptocurrencies. She pointed out that Bitcoin’s decentralized nature and self-custody principles set it apart from the rest.
Speaking at the conference, Wood highlighted the significance of Bitcoin as a new asset class and a monetary system. She praised the recent approval of a spot Bitcoin ETF, indicating the growing acceptance of Bitcoin in the financial mainstream.
Wood was taken aback by the approval of a spot Ethereum ETF, attributing it to the increasing pro-crypto sentiment within the U.S. government. She referenced the unexpected approval and linked it to the evolving stance on cryptocurrency within the government.
Wood suggested that cryptocurrency policy has become a crucial election issue in the United States, influencing candidates and lawmakers to clarify their positions on regulation. This could potentially shape the future landscape of finance and technology.
When asked about the Federal Reserve, Wood advocated for its reduction or discontinuation as Bitcoin gains power and influence in the financial market. She criticized the Federal Reserve for its outdated approach to monetary policy in the era of global assets like Bitcoin.
Wood reiterated her preference for Bitcoin over Ethereum when forced to choose between the two. She emphasized Bitcoin’s usability and global monetary value as key factors in her decision.
ARK’s price target for Bitcoin is based on the assumption that it will capture more than 3% of the global money supply outside of major economies like the US, UK, Japan, and Europe. Wood believes that this estimate is modest.
Wood also commended El Salvador’s adoption of Bitcoin, reinforcing her positive outlook on the cryptocurrency.