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During Consensus 2024, ARK Invest CEO Cathie Wood voiced her unwavering support for Bitcoin (BTC) over all other cryptocurrencies. Wood praised Bitcoin’s resilience and uniqueness, stating, “It is a big idea and unstoppable. There’s no throat to choke. When Facebook launched Libra, there was a throat to choke, but there’s no such vulnerability with Bitcoin.”
She argued that Bitcoin’s potential and significance surpass all other cryptocurrencies, emphasizing the importance of its core principles like decentralization and self-custody. “The heat is on because Bitcoin is a new asset class. It’s a monetary system, but it also represents a new asset class,” Wood remarked, referencing the recent spot Bitcoin ETF approval.
Wood found the recent approval of a spot Ethereum ETF surprising, attributing its swift approval to growing pro-crypto sentiment in the U.S. government. “The read was that [the ETF] was not going to be approved. It was absolutely not going to be approved,” she said.
She also noted the impact of legislative actions like FIT21 and Former President Donald Trump’s favorable stance on crypto, indicating that cryptocurrency policy is becoming an election issue. “We were sure it was going to be denied,” Wood added.
Wood believes cryptocurrency’s rise as a major election topic is forcing candidates and legislators to clarify their regulatory positions, potentially influencing the future of finance and technology.
Addressing the Federal Reserve, Wood expressed that it should be significantly scaled back in favor of market-driven forces. “It is time to dial it down dramatically and let market forces prevail,” she stated.
Wood criticized the Federal Reserve’s outdated monetary policies, suggesting that they are out of step with the global financial landscape dominated by assets like Bitcoin.
When asked if she had to choose between investing in Bitcoin or Ethereum (ETH), Wood unequivocally chose Bitcoin. “Bitcoin, hands down. No question,” she affirmed. She highlighted Bitcoin’s widespread usability and global monetary value over other cryptocurrencies.
Ark’s conservative price target for Bitcoin assumes it will capture over 3% of the global money supply outside the major economies of the US, UK, Japan, and Europe. Wood expressed confidence in this forecast.
She also praised El Salvador’s adoption of Bitcoin, reinforcing her optimistic outlook on the cryptocurrency.