Benzinga - Cathie Wood, the founder of ARK Investment Management LLC, has spoken out about the United States’ regulatory system hindering the country from being a leader in the Bitcoin (CRYPTO: BTC) movement.
What Happened: In her speech at Fortune’s Most Powerful Next Gen Conference, Wood highlighted how the cryptocurrency’s center of gravity is gradually moving out of the United States due to its unfavorable regulatory system.
She cited Coinbase’s recent move to Bermuda to receive licensing, while also expanding its presence in Singapore, as an example of this shift.
Wood expressed her disappointment on the US losing ground in the cryptocurrency race, pointing out that “It would be nice if the U.S. were leading this movement, but we’re losing it, and we’re losing it because of our regulatory system," Coinbase reported.
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Why It Matters: Wood also referred to the drastic collapse of FTX last year to emphasize the growing need for a decentralized, transparent, and auditable monetary system.
She believes that FTX’s failure proved the vulnerability of centralized financial systems, a factor that makes Bitcoin and other cryptocurrencies a more viable alternative.
According to Wood, “The reason it's adopted is, first of all, many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis when people just lost all trust in financial services.”
Price Action: At the time of writing, BTC was trading at $27,125.92, down 0.38% in the last 24 hours, according to Benzinga Pro.
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