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Cathie Wood Says This Data Point Shows It Was 'No Wonder' That Sam Bankman-Fried Disliked Bitcoin

Published 12/12/2022, 02:30
Updated 12/12/2022, 03:40
© Igor Faun Cathie Wood Says This Data Point Shows It Was 'No Wonder' That Sam Bankman-Fried Disliked Bitcoin
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Benzinga - Ark Investment Management CEO Cathie Wood believes the decentralization and transparency of Bitcoin (CRYPTO: BTC) make it unsuitable in the eyes of former FTX CEO Sam Bankman-Fried.

What Happened: Wood took to Twitter on Saturday to deliver a firm criticism of the FTX saga. “The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”

See More: Best Crypto Day Trading Strategies

Wood provided a link to a report from her firm about Bitcoin, stating: “Despite market volatility associated with FTX’s demise, the supply held by long-term holders—or the supply last moved 155 days ago or more—closed flat for the month of November. We believe this data point indicates holders’ long-term focus and high conviction, despite recent events. Today, long-term-holder supply is 72% of bitcoin’s total circulating supply.”

Wood told Bloomberg in November that BTC “is coming out of this smelling like a rose,” reiterating the $1 million price target for the apex crypto by 2030.

ARK has strengthened its ties to crypto businesses affected by FTX, particularly Grayscale, a company within the Digital Currency Group (DCG) empire, by increasing its investments in the Grayscale Bitcoin Trust (OTCQX: GBTC).

On Nov. 21, Wood’s Ark recorded a purchase of over 177,000 GBTC shares.

Price Action: At the time of writing, BTC was trading at $16,938, down 1.23 % in the past 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Fall As Focus Turns To Fed Meet: Analyst Says Apex Crypto Could 'Make A Run' For $18K If This Happens

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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