Cathie Wood backs Bitcoin and DeFi and criticizes SBF

Cathie Wood said that SBF disliked Bitcoin because of its transparency and decentralization.

Cathie Wood, CEO of Ark Invest, remains positive on Bitcoin despite the collapse of FTX, claiming that the Bitcoin blockchain continues to run normally.

In a December 11 tweet using Ark Invest’s November estimate on BTC supply held by long-term holders, she acknowledged the blockchain’s resiliency while mocking FTX founder Sam Bankman-Fried.

According to her, the Bitcoin network was unaffected by the crisis brought on by opaque concentrated parties.

She said that SBF disliked Bitcoin because of its transparency and decentralization, adding that “he couldn’t control it.”

Wood has an optimistic stance on cryptocurrencies and thinks that the failures of centralized corporations will benefit the decentralized financial industry.

Wood said in an interview with Yahoo Finance on December 9 that DeFi networks have been operating as intended and that there are indicators indicating their strengthening. She said,

“I believe what we’ve learned as a result of FTX is how much more crucial completely transparent decentralized networks will become in the future for financial services… The networks FTX, Celsius, and 3AC were all shut down. Opaque systems. “You could not see what was happening…” Even during crypto crises, she believes that the DeFi industry’s openness will always be its saving grace.

Ark Investment Company Bitcoin The monthly report also provided a grim picture of the events of November, including the collapse of FTX and the bankruptcy filing by BlockFi. The ratio of Bitcoin’s realized earnings to losses reached an all-time low throughout the month, indicating a significant amount of resignation.

Long-term BTC holders saw their supply settle at a record level of 13.8 million BTC. Even despite this massacre, Ark Invest stated that “public blockchains that are decentralized and transparent remain as robust as ever.”

As an antidote to the extreme mismanagement that may be linked with centralized intermediaries, the researchers concluded that “decentralization and openness are crucial.”

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