CEO of Ark Invest, Cathie Woods, is bullish on Bitcoin regardless of the FTX collapse, stating that the Bitcoin blockchain continued to function as normal.
In a December 11 tweet quoting Ark Invest’s November report on long-term holders BTC’s provide, she famous that the blockchain had proven resilience whereas taking a dig at FTX Founder Sam Bankman-Fried.
SBF Didn’t Like Bitcoin Because He Couldn’t Control it: Woods
According to her, the Bitcoin blockchain didn’t skip a beat in the course of the disaster attributable to opaque centralized gamers.
She stated SBF didn’t like Bitcoin as a result of it was clear and decentralized, including that “he couldn’t control it.”
Woods stays very bullish on cryptocurrencies and believes that the bankruptcies of centralized entities will enhance the decentralized finance sector.
Woods Bullish on DeFi
In an interview with Yahoo Finance on December 9, Woods famous that DeFi networks have been working as programmed and identified that there are metrics that present that they’re getting stronger. She stated:
“I think what we’re learning because of FTX is how much more important fully transparent decentralized networks will be to financial services going forward… FTX, Celsius, 3AC were all closed networks. Opaque systems. You couldn’t see what was going on…”
In her opinion, the DeFi sector’s transparency, even amid the crypto crises, will at all times be its saving grace.
Ark Invest Says Decentralized and Transparent Blockchains Remain Strong
Ark Invest Bitcoin Monthly report additionally painted a gory image of what occurred in November with FTX collapse and BlockFi submitting for chapter. The month noticed very excessive capitulation, with the ratio of realized earnings and losses for Bitcoin reaching a file low.
However, long-term BTC holders noticed their provide stabilize at 13.8 million BTC, near an all-time excessive.
Even amidst this massacre, Ark Invest famous that “decentralized and transparent public blockchains are as strong as ever.”
The report really helpful that “decentralization and transparency are paramount as antidotes to the gross mismanagement that can be associated with centralized intermediaries.”
Meanwhile, crypto corporations with publicity to FTX are nonetheless affected by the fallout. Crypto media outlet The Block’s CEO Michael McCaffrey resigned following revelations that he acquired an undisclosed mortgage from Alameda.
Disclaimer
BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion concerning the latest developments, but it surely has but to listen to again.
