Ark Investment CEO says The Former FTX CEO Dislikes Bitcoin

Cathie Wood predicted that the Bitcoin price would surge to $1 million despite FTX’s bankruptcy
Cathie Wood believes that Sam Bankman-Fried didn’t like Bitcoin

Cathie Wood, the Ark Investment CEO, believes that the former FTX CEO didn’t like the cryptocurrency Bitcoin (BTC) due to its core features – decentralization and transparency. Recently Wood predicted that the Bitcoin price would surge to $1 million despite FTX’s bankruptcy.

“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 is transparent and decentralized. He couldn’t control it,” Wood tweeted.

At first, FTX held $3.3 billion worth of Bitcoins, but that figure dropped to 0.25 Bitcoins on the platform before FTX filed for bankruptcy on November 11. In 2021, Bitcoin trading volume on FTX was very high, holding nearly 75,303 Bitcoins.

Last week the CEO of MicroStrategy, Michael Saylor, tweeted that the former FTX, CEO Sam Bankman-Fried, “used stolen and counterfeit money to corrupt the establishment and undermine Bitcoin.”

Recently, Chainalysis released data that shows the funds stolen from the FTX were not sent to the Bahamas Securities Commission. Moreover, $333 million worth of FTX-related Bitcoins have disappeared.

Chainalysis added, “funds stolen from FTX are on the move, and exchanges should be on high alert to freeze them if the hacker attempts to cash out.”

Recently, the Bahamas’ regulators took legal action to seize the FTX’s digital assets to protect investors and users—“Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.”

Recently, Wood questioned why Economists are not highlighting that 80 bp inversion in the Treasury yield. On December 7 2022, Wood tweeted, “the S&P energy sector (XLE) price is not far from an all-time high even though the oil price has dropped from $130 per barrel to $74. Meanwhile, many pure play, early stage innovation stocks have dropped below their coronavirus lows.”

I am wondering why economists are not highlighting that an 80bp inversion in the Treasury yield curve today is much more of a red flag for the Fed today than it was in the early ‘80s. As a percent of the 3.5% 10 year Treasury yield, it is ~23% today vs ~5% of 15% in the ‘80s
— Cathie Wood (@CathieDWood) December 7, 2022

According to CoinMarketCap, the crypto market closely followed the US equities market this year. Investor confidence in cryptocurrency is at an all-time low, and the global economic outlook is not showing signs of moving beyond the covid-recovery mode.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing