At Consensus 2024, Cathie Wood, CEO of ARK Invest, shared her insights on cryptocurrencies, particularly highlighting her preference for Bitcoin. During a panel discussion, Wood expressed strong support for Bitcoin (BTC), stating, “It is a big idea and unstoppable. There’s no throat to choke. When Facebook launched Libra, there was a throat to choke, but there’s no such vulnerability with Bitcoin.”

Wood emphasized that no other cryptocurrency matches Bitcoin’s potential and significance. She stressed the importance of maintaining Bitcoin’s principles, such as decentralization and self-custody. “The heat is on because Bitcoin is a new asset class. It’s a monetary system, but it also represents a new asset class,” Wood mentioned, referring to the recent spot Bitcoin ETF approval.

Spot Ethereum ETF Approval

Wood also commented on the recent spot Ethereum ETF approval, describing it as “shocking” and attributing the swift approval to pro-crypto momentum within the U.S. government. “The read was that [the ETF] was not going to be approved. It was absolutely not going to be approved,” Wood remarked.

She referenced the passing of FIT21 and former President Donald Trump’s favorable stance towards crypto, indicating that cryptocurrency policy is now an election issue. “We were sure it was going to be denied,” Wood added.

As cryptocurrency becomes a significant election issue in the United States, candidates and legislators are clarifying their regulatory stances, potentially influencing future financial and technological landscapes. Wood highlighted that voters concerned with finance and economic stability could push policymakers to adopt clearer guidelines, balancing growth and security in the crypto market.

The Federal Reserve

When questioned about the Federal Reserve’s role, Wood suggested that it should be minimized as Bitcoin and other forms of money gain prominence. “It is time to dial it down dramatically and let market forces prevail,” she said.

Wood criticized the Federal Reserve, describing it as outdated in its approach to monetary policy, especially considering the global rise of asset classes like Bitcoin.

Bitcoin Over Ethereum

When asked to choose between investing in Bitcoin or Ethereum (ETH), Wood decisively chose Bitcoin. “Bitcoin, hands down. No question,” she stated.

Wood reiterated Bitcoin’s usability and global monetary value, emphasizing its popularity over other crypto options. ARK Invest’s price target for Bitcoin assumes it will capture over 3% of the global money supply outside the big four (US, UK, Japan, and Europe), which Wood described as a conservative estimate.

She also expressed positive views on El Salvador’s adoption of Bitcoin, reinforcing her strong position on the cryptocurrency.

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