Cathie Wood speaks on Bitcoin, Ethereum blockchains

Ark Invests’ asset management CEO Cathie Wood disclosed that the emergence of cryptocurrencies is fueling three revolutions.

Cathie Wood, a prominent tech-focused fund manager, has stated that she will continue to invest in cryptocurrencies, citing Bitcoin (BTC) and Ethereum (ETH) as decentralized blockchains that have inspired her faith in the sector.

Monday of this week, Cathie Wood, CEO of asset management firm Ark Invest, told CNBC that Bitcoin is the most decentralized and transparent blockchain in the cryptocurrency sector.

She also drew parallels to disgraced FTX founder Sam Bankman-Fried, stating that there are apparent reasons why he favored alternative blockchains over Bitcoin.

“Sam Bankman-Fried didn’t like bitcoin. Why didn’t he enjoy it? “He was unable to manage it because it is entirely decentralized and transparent,” Wood said in an interview.

She noted that the companies that failed during last year’s crypto market slump, including FTX, Celsius, and Three Arrows Capital (3AC), were “totally opaque and centralized.”

Wood emphasized that the decentralized blockchains themselves have remained robust:

“The blockchains, whether you talk about Bitcoin or Ethereum and many others, they didn’t skip a beat. Transactions did not stop. And I think that has given us a lot of confidence that actually they are on the right track.”

The well-known fund manager focused on her thesis for the crypto industry and how it is changing traditional finance and impacting society at large.

According to the investor, the emergence of cryptocurrencies is fueling “three revolutions.” “The money revolution consists mostly of bitcoin or bitcoin and ether.

Ethereum represents the financial services revolution. And then there’s the concept of digital property rights… that’s Web3,” she stated on CNBC’s Squawk on the Street.