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Cathie Wood: Bitcoin and Ethereum are ‘on the right track,’ despite collapse of several crypto companies

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Cathie Wood, chief executive at ARK Invest, reiterated her support for cryptocurrencies such as bitcoin and ether on Monday, despite several digital asset companies collapsing last year and fresh signs that U.S. regulators want to tighten their control over the industry. 

Wood called the Bitcoin
BTCUSD,
-1.19%

network “completely decentralized and transparent,” but said bankrupt crypto companies FTX, Celsius and Three Arrows were “completely opaque and centralized,” in an interview with CNBC on Monday.

 

“Those were the companies that went under,” she said.

Wood also said bitcoin has been leading a “money revolution,” while ether
ETHUSD,
-1.24%

has been ushering in a financial services “revolution.”

The so-called web three, or the next generation of the internet that some think could be decentralized, has been leading a “third revolution” in digital property rights, Wood told CNBC.

“I know that the best way to lift people and countries out of poverty is to give them immutable property rights. And we think that web three is all about bringing digital property rights into this new world,” Wood said. 

In a January report, ARK Invest predicted that bitcoin would reach almost $1.5 million by 2030. The cryptocurrency is trading at around $23,316, up 41.8% year-to-date but still down 66.2% from an record high in November, 2021. 

Wood’s funds, which usually invest in high-growth, technology-focused companies, had stellar performances in the 2020 and 2021 bull market, but crashed last year. Its flagship Ark Innovation ETF
ARKK,
+0.83%

fell more than 67% in 2022, but has regained about 24% so far this year.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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