Cathie Wood, CEO of Ark Invest, said there is no stopping the crypto revolution despite the ongoing downturn in the space. She said the revolution around crypto is underway and it will not be stopped.
Wood said her firm believes in crypto as a revolution and that it was in Ark’s big ideas for 2022. She called the Bitcoin ecosystem as the ‘money revolution’. “The money revolution that is Bitcoin, which is the first global digital private rules based monetary system.”
She made the comments speaking to CNBC earlier on Tuesday. She believes DeFi came of age during last year. The yield and leverage in some DeFi protocols is way too far, she added. However, Wood does not believe in algorithmic stablecoins.
“As an economist myself, I could not understand algorithmic stablecoins. It makes sense that they are not going to exist.”
Wood said DeFi took off and the robustness in the ecosystem has been impressive. “A lot of people expected the Terra Luna meldown to cause a systemic chain reaction. And we are seeing a little bit of that. But so far the Ethereum has held up very well.”
Apart from Bitcoin and DeFi, Wood spoke about the third revolution, which is NFTs. NFTs are robably in their infancy and probably where the token revolution was in 2017, she said. “But we do believe that digital property rights, which is what NFTs represent, are going to become incredibly important.”
Wood explained that digital property rights have the capability to lift people and countries out of poverty.
“We think that the opportunities in the digital property rights will allow finding all kinds of utility. And we can’t even think of it right now just like we could not understand what DeFi was going to be.”
The Ark Invest CEO stated that it will not be a bad thing if the ecosystem consolidates. We do think that digital wallets are going to be one of the most important outcomes here, she added. “It is effectively a bank in our pocket.”
She said her firm is trying to figure out who is going to be the winner of the digital wallet category. “They are going to be huge.”
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