Cathie Wood at Consensus 2024: Bitcoin Holds Immense Potential
During her speech at Consensus 2024, Cathie Wood expressed her strong preference for Bitcoin among all other cryptocurrencies. As the CEO of ARK Invest, Wood made it clear that she believes Bitcoin is a revolutionary concept that cannot be stopped. Unlike other cryptocurrencies, Bitcoin does not have any vulnerabilities that can be exploited. Wood stressed the importance of Bitcoin’s principles, such as decentralization and self-custody.
Wood also commented on the recent approval of the spot Ethereum ETF, which she found surprising. She attributed the swift approval to the growing pro-crypto sentiment within the U.S. government. Wood mentioned the significance of cryptocurrency in the political landscape, particularly as an election issue. She believed that voters who prioritize finance and economic stability could influence policymakers to establish clearer guidelines for the crypto market.
When discussing the Federal Reserve, Wood expressed her opinion that it should be downsized or discontinued as Bitcoin and the power of digital currencies continue to grow. She criticized the Federal Reserve for its outdated approach to monetary policy compared to the global asset class of Bitcoin.
In a hypothetical scenario where Wood could only invest in either Bitcoin or Ethereum, she firmly chose Bitcoin without any hesitation. She emphasized Bitcoin’s usability and global monetary value, which sets it apart from other cryptocurrencies.
Wood also commended El Salvador for embracing Bitcoin, further solidifying her support for the cryptocurrency. ARK Invest’s price target for Bitcoin is based on the assumption that it will capture more than 3% of the global money supply outside of the major economies like the US, UK, Japan, and Europe. Wood believes that this prediction is conservative and that Bitcoin has even greater potential.
