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.
“Three Big Revolutions Around Crypto’
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.”
