Why Ark Invests Cathie Wood Picks Bitcoin Over Ethereum Hands Down
Cathie Wood, founder of investment manager ARK Invest, has revealed her crypto investment choice between Bitcoin and Ethereum.
Speaking on stage at Consensus 2024, Wood noted that she prefers Bitcoin hands down, describing the crypto as a global monetary system and a new asset class.
Bitcoin Hands Down
Cathie Wood, whose Ark Invest is one of the issuers of a spot bitcoin exchange-traded fund (ETF), would categorically bet on Bitcoin rather than Ethereum, the industrys second-largest cryptocurrency.
Although Ether has stolen the spotlight in recent days owing to the progress in greenlighting spot ETH ETFs, Wood did not hold back when asked if she prefers holding Bitcoin or Ethereum.
Bitcoin, hands down. No question about it. It is a global monetary system. It is a technology, and it is a new asset class. Those are three big ideas in one, and nothing else in the crypto world is competing with it.
Wood believes Bitcoin is being used as an insurance policy by nations and people to hedge against a loss of purchasing power and wealth, pointing out the broad spectrum of the alpha cryptos applicability. Shes convinced that Bitcoin could grab a significant chunk of the global monetary supply, possibly as much as 20%, bolstered by countries such as El Salvador, which have embraced Bitcoin as their legal tender. El Salvador currently holds roughly 5,750 Bitcoin in its treasury valued at $394 million marking a 56% increase from its average purchasing price.
Woods Take On Bitcoin Growth
Wood also touched on the significance of preserving the core tenets of Bitcoin, including decentralization, censorship resistance, and the right to self-custody. Notably, Ark Invest has devoted a portion of its revenues from private funds to support these principles and the developers who uphold them.
Moreover, Ark Invest is creating an index to monitor and gauge the balance between centralization and decentralization in the Bitcoin ecosystem. Wood is of the opinion that understanding and handling potential centralization risks is essential for the success of Bitcoin in the long term.
Looking forward, Wood cited regulatory risks as a major hurdle facing Bitcoin and other new technologies like artificial intelligence (AI). She noted that over-regulation in the United States could push talent to other friendlier jurisdictions.
Meanwhile, Wood recently doubled down on her $1.5 million by 2030 Bitcoin price prediction, labeling BTC as a financial super highway.
Read more: https://zycrypto.com/why-ark-invests-cathie-wood-picks-bitcoin-over-ethereum-hands-down/
Text source: ZyCrypto
