Cathie Woods, the CEO of ARK Invest, recently spoke out about her bullish outlook on Bitcoin and the decentralized finance (DeFi) space. In an interview with CNBC, Woods praised the potential of these emerging technologies and slammed Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, for his bearish views.
She stated that the blockchain has shown resilience in a tweet on December 11 that quoted the Ark Invest research from November on long-term holders of BTC’s supply and slammed FTX Founder Sam Bankman-Fried.
Woods expressed her belief that Bitcoin and DeFi have the potential to disrupt the traditional financial system and open up new opportunities for investors. She cited the growing interest in these technologies from institutions and the increasing adoption of Bitcoin as a store of value as evidence of their potential.
However, Woods has long been a critic of Bankman-Fried for his bearish views on Bitcoin and DeFi. In an earlier interview, Bankman-Fried had suggested that the current hype around these technologies was overblown and that they were unlikely to have a significant impact on the financial system. Woods dismissed these comments, stating that Bankman-Fried was “just wrong” and that he was underestimating the potential of these technologies.
The fall of FTX and BlockFi’s declaration for bankruptcy were both grisly events that occurred in November, as depicted in the ArkInvest Bitcoin monthly report. The ratio of realised gains to losses for bitcoin hit a record low throughout the month, which saw a high level of capitulation.
ArkInvest stated that decentralised and transparent public blockchains are as robust as ever despite this carnage.
Decentralisation and openness, the research advised, are critical as antidotes to the egregious mismanagement that can be associated with centralised intermediaries.
Crypto companies exposed to FTX are still feeling the effects of the repercussions.
Ultimately, it appears that Woods is bullish on Bitcoin and DeFi and believes that they have the potential to disrupt the traditional financial system. She remains optimistic about their future despite the current market conditions and is confident that they will continue to gain mainstream acceptance and adoption.