ARK Invest CEO Foresees Crypto Finance Takeover

Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”) recently pointed to Bitcoin’s robust performance during a crisis in the US banking sector as a strong sign that the premier cryptocurrency is leading a financial revolution.

According to an article by The Daily Hodl, during an interview with Barron’s, Wood identified three primary reasons for her optimistic outlook on digital assets. The first of these is Bitcoin’s remarkable rise of 60% — from $19,000 to $30,000 — which occurred when several US regional banks faced a collapse earlier this year. Wood interprets this surge as investors choosing Bitcoin as a safe haven for their wealth, a trend she anticipates will continue to grow. In the year-to-date period, the Bitcoin price is up 76.54%.

Wood suggests that the current centralized monetary system is an anomaly, and we could be returning to a digital, rules-based monetary system that operates without government oversight, similar to the times before the Federal Reserve came into existence.

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Beyond Bitcoin, Wood also sees significant potential in decentralized finance (DeFi) and digital property rights, such as non-fungible tokens (NFTs) or virtual real estate in the metaverse. She views these as the second and third revolutions set to take place in the crypto space.

Wood also shared her thoughts on Coinbase, one of ARK’s holdings. Despite the recent lawsuit filed against the exchange by the U.S. Securities and Exchange Commission (SEC), Wood is confident that Coinbase will emerge victorious. She predicts that the courts will find the SEC has overstepped its bounds and that the US Congress will enact legislation favorable to cryptocurrencies.

Yesterday, Coinbase Global Inc (NASDAQ: COIN) stock closed at $92.69 (down 7.08%). For the year-to-date period, COIN is up 175.86%.

Featured Image Credit: Photo / illustration by Tumisu via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2023/07/ark-invest-ceo-cathie-wood-bitcoins-rally-amid-banking-woes-heralds-cryptos-takeover-of-finance/