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Cathie Wood at Consensus 2024: Bitcoin is ‘unstoppable’
Speaking at Consensus 2024, Cathie Wood spoke about her crypto preferences, indicating a predilection for Bitcoin.
During a roundtable at Consensus 2024, Cathie WoodCEO of ARK Investingclarified his position, expressing strong support for Bitcoin (Bitcoin) on all other coins.
“It’s a big, unstoppable idea,” Wood said of Bitcoin, “There’s no throat to choke. When Facebook launched Libra, there was a throat to choke, but with Bitcoin there’s no such vulnerability.”
Wood argues that no other cryptocurrency comes close to the potential and significance of Bitcoin. He addressed the importance of maintaining Bitcoin principles, such as decentralization and self-custody.
“The heat is on because Bitcoin is a new asset class. It is a monetary system, but it also represents a new asset class,” Wood said at the conference in reference to the recent spot approval of the Bitcoin ETF.
Cathie Wood on the place of the Ethereum ETF
Wood called the recent commercial Ethereum ETF approved “shocking” and credited the ETF’s quick and smooth approval with pro-crypto momentum in the US government.
“That was the reading [the ETF] would not have been approved. It absolutely would not have been approved,” Wood said.
Wood referred to the passing of FIT21 AND By former President Donald Trump “coziness” for cryptocurrencies, indicating that cryptocurrency policy is an election issue.
“We were sure it would be denied,” Wood said.
The emergence of cryptocurrency as a significant election issue in the United States is pushing candidates and lawmakers to clarify their positions on regulation, potentially shaping future financial and technological landscapes.
Wood pointed out that voters concerned about finance and economic stability could influence politicians to adopt clearer guidelines, balancing growth and security in the cryptocurrency market.
The Federal Reserve
When asked about the Fed’s usefulness, Wood expressed sentiment that it should be stopped or toned down as Bitcoin and the power of money grow.
“It’s time to dramatically scale back and let market forces prevail,” Wood said.
Wood criticized the Federal Reserve, echoing themes that it is archaic due to its outdated approach to monetary policy compared to global asset classes, such as Bitcoin.
Bitcoin on Ethereum
When asked if she could only invest in Bitcoin or Ethereum (ET), Wood says he would strongly choose Bitcoin.
“Bitcoin, without a doubt. No questions asked,” Wood said.
Wood once again highlighted the usability and global monetary value of Bitcoin while discussing its popularity compared to all other crypto options.
Ark’s price target for Bitcoin is based on the assumption that Bitcoin will capture over 3% of the global money supply outside of the big four (US, UK, Japan and Europe). Wood said this forecast is conservative.
Wood also expressed positive sentiment towards El Salvador’s embrace of Bitcoinfurther consolidating its position.