Cathie Wood Praises Bitcoin’s Resilience in Wake of FTX Crash

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Alex Dovb­nya

Ark Invest CEO Cathie Wood recent­ly pre­dict­ed that the price of Bit­coin would be able to surge to $1 mil­lion in spite of the ongo­ing crisis 

In a recent tweet, Ark Invest CEO Cathie Wood has point­ed to the fact that Bit­coin “didn’t skip a beat” dur­ing a recent cri­sis, prais­ing the flag­ship cryptocurrency’s resilience. 

She fur­ther argues that dis­graced FTX founder Sam Bankman-Fried didn’t like Bit­coin due to the fact that it is “trans­par­ent” and “decen­tral­ized.” “He couldn’t con­trol it,” the famous stock pick­er added.

Wood’s recent tweet comes in response to a month­ly report pub­lished by Ark Invest, her invest­ment man­age­ment company. 

Ark Invest has not­ed that the sup­ply held by long-term hold­ers remains unchanged despite the FTX-induced mar­ket turmoil. 

Last month, the num­ber of active Bit­coin own­ers also spiked by more than 18%, which is the largest pos­i­tive per­cent­age change since ear­ly 2021. This con­firms the assump­tion that self-cus­tody con­tin­ues its upward tra­jec­to­ry. The “flight to self-cus­tody” is also believed to be the rea­son behind the largest month­ly net out­flows from cen­tral­ized exchanges. 

As report­ed by U.Today, Wood pre­dict­ed that Bit­coin would hit $1 mil­lion by 2030 in late Novem­ber. At the same time, she pre­dict­ed that the FTX col­lapse would like­ly hin­der insti­tu­tion­al adop­tion. How­ev­er, once insti­tu­tions “do their home­work,” they might end up being even more com­fort­able with Bit­coin, Wood says. 

The world’s largest cryp­tocur­ren­cy is cur­rent­ly trad­ing at $17,173 on the Bit­stamp exchange. 

The flag­ship cryp­tocur­ren­cy is down as much as 75.13% from its life­time peak of $17,160. 



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