Bitcoin Set To Accelerate As A Store Of Value In Wake Of Bank Collapses, Cathie Wood
July 28 2023 - 7:00AM
NEWSBTC
ARK Invest CEO and crypto proponent Cathie Wood says that Bitcoin
is set to grow massively as a store of value following the recent
bank collapses. She believes that Bitcoin’s stability and a huge
rally in the wake of US regional banks collapsing is a major
testament to the fact that Bitcoin is the future of money. Cathie
Wood Remains Bullish On Bitcoin In a recent interview with
Barron’s, Wood maintained that she remains bullish on digital
assets and highlighted three reasons she won’t be backing down on
her investments. According to her, Bitcoin stood tall and rose by
60%, from $19,000 to $30,000, when regional banks like First
Republic, SVB, and Signature Bank collapsed. She attributed this
run to investors seeing the asset as a safe alternative for storing
their wealth. Related Reading: European Central Bank Follows
US Fed’s Footsteps With 25 BPS Hike Wood explained: We see three
revolutions taking place because of crypto. Bitcoin will dominate
the first one, the money revolution. The biggest proof is that when
regional-bank stocks were falling apart earlier this year, Bitcoin
went from $19,000 to $30,000. That was a flight to safety, and we
expect it to accelerate. The centralized monetary system we have
today is an aberration. We could be going back to the future –
before the Federal Reserve existed – under a digital, rules-based
monetary system with no government oversight. The other reasons for
her bullishness on digital assets relate to decentralized finance
(DeFi) and digital property rights involving tokenizing several
physical assets in real estate and other relevant industries.
“The second revolution is in financial services, or the so-called
DeFi, which will be Ethereum-based. There are a number of
infrastructure providers out there. It’s the survival of the
fittest, and I’m excited to see who wins,” the CEO said. Last but
not least, according to Woord, “is digital property rights, or what
many call NFT or the metaverse. People are already buying real
estate in virtual worlds. Our young research associates come into
the office wearing jeans and T-shirts with no logos, but they are
getting their status in the virtual world.” BTC bulls struggle to
keep bears at bay | Source: BTCUSD on Tradingview.com Weighing In
On Coinbase’s Battle With SEC During the interview, Cathie Wood
also discussed Coinbase’s ongoing battle with the United States
Securities and Exchange Commission (SEC). Wood’s ARK holdings are
one of the largest holders of Coinbase’s stock. She believes that
the crypto exchange will ultimately get victory in the SEC’s
lawsuit against it for the sale of unregistered securities.
According to her, the court will rule that the SEC has gone beyond
its regulatory purview, and in the long run, the US Congress will
pass crypto-friendly bills. “Meanwhile, the legislative
branch has awakened to the fact that crypto is a new asset class
and we might need new legislatures to give the regulators some
guidance,” the ARK Invest CEO added. Related Reading: Lacoste
Unveils Exclusive Ethereum-Based Virtual Store For NFT Holders
“Those two branches of government have given us great confidence
that Coinbase will come out of this as a winner. Many Coinbase
competitors either haven’t entered the US or moved out because of
our regulatory system. Coinbase has stayed to fight. We think
they’ll be rewarded accordingly.” Cathie Wood’s ARK had bought
$21.6 million worth of Coinbase’s stock in early June, just
immediately after the SEC filed a lawsuit against the crypto
exchange. Featured image from ETF Stream, chart from
Tradingview.com
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