Cathie Wood: SBF Doesn’t Like Bitcoin Because He ‘Can’t Control It’
Ark Invest CEO Cathie Wood made waves last month by maintaining his bullish stance on Bitcoin. Even though the cryptocurrency fell more than 60% on the year to less than $17,000 at the time, she remains confident guess it will hit $1 million by 2030, echoing a call her company made in April.
This weekend, she signaled that she will continue to believe in Bitcoin and share the data to back it up, while also criticizing Sam Bankman-Fried, the exchange’s founder and former CEO. FTX cryptocurrency.
FTX sudden collapse last month, shaking confidence in a sector already reeling from a “crypto winter.”
On Saturday, wood tweeted, “The Bitcoin blockchain has not missed a beat during the crisis caused by non-transparent centralized players. No wonder Sam Bankman Fried doesn’t like Bitcoin: it’s transparent and decentralized. He can’t control it.”
Wood also shared a link to a bitcoin report from her company, which states:
“Despite the market volatility associated with the crash of FTX, the supply held by long-term holders—or the supply last moved 155 days or more ago—closed zero change in November. We believe this data point shows the long-term concentration and high confidence of holders, despite recent events. Today, the supply for long-term holders accounts for 72% of the total circulating supply of bitcoin.”
A Bitcoin maximalist’s view of FTX
One of those long-term Bitcoin holders is MicroStrategy CEO Michael Saylor, who describes himself as a Bitcoin maximalist. He also weighed in on the failure of FTX this week.
“You have the Bitcoin community as opposed to the crypto community, and there has been a simmering low-level guerrilla war between the two factions for the past two and a half years,” he said. said this week above Podcasts PBD. “And Sam is like the typical kid of the crypto world.”
Bankman-Fried and his gang, he said, are always guilty of “shitcoinery,” or “pumping and promoting unregistered securities… It’s unethical if you think, ‘I’m running ahead of my clients, issuing tokens, manipulating the price of tokens and dumping them.’”
Wood, speaking of the collapse of FTX, told Bloomberg last month that Bitcoin “is coming with a fragrance like a rose,” while giving a nod to Ether, the second-largest cryptocurrency by market capitalization.
“Yes, a lot of people have lost a lot of money. The crypto asset ecosystem is losing value here. But if we get the underlying technology right and the fundamental role that Bitcoin and Ether, Ethereum, will play in this new world, then I think we should recover pretty quickly.”
Last month, Ethereum co-founder Vitalik Buterin said that the collapse of FTX contains valuable lessons.
“What happened at FTX was of course a great tragedy,” he told Bloomberg. “That said, many in the Ethereum community also see this situation as validation of what they have long believed: Anything centralized is suspect by default.” Those beliefs also include placing one’s trust in “open and transparent code over the individual person”.
Of course, many prominent business leaders remain skeptical of both Bitcoin and other cryptocurrencies. JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway Charlie Munger, who last month called them “part fraud and part delusion.” Mark Mobius, billionaire co-founder of Mobius Capital Partners, recently predict that Bitcoin will drop to $10,000 next year—in May he correctly predicted the cryptocurrency’s drop to $20,000.
Luck reached out to Bankman-Fried for comment but did not receive an immediate response.
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