Per Coin Telegraph
ARK Invest's Cathie Wood Says SBF Didn't Like Bitcoin Because He Couldn't Control It
12/12/2022
ARK Invest's Cathie Wood recently shared her thoughts on Bitcoin, saying Sam Bankman-Fried, the founder of now-bankrupt FTX, didn't like it because of its transparency.
Wood focused on how SBF had a hidden agenda despite owning one of the biggest crypto exchanges in the world. Per her statements, she believed that the FTX founder didn't like Bitcoin, the largest crypto in the world, due to how decentralized it was, per Markets Insider.
The CEO of Ark Investment Management said this while pointing out how Bitcoin remained unaffected by what she described as "opaque centralized players." She pointed out that SBF did not appreciate that he could not control the top cryptocurrency.
Wood highlighted how long-term holders retained the supply of Bitcoin with almost flat volatility throughout the month of November despite FTX's demise. The CEO highlighted how conviction remains high despite what is happening in the market.
Wood: "Today, long-term-holder supply is 72% of bitcoin’s total circulating supply.”
Wood shared how the company remains convicted in the decentralization and transparency of public blockchains. This is despite BTC dropping by around 20% over the month.
A detailed timeline of the fall of FTX was released by Ark Invest, with the last event being how BlockFi filed for bankruptcy on Nov 28. Per the report, the fall of the exchange was worse than the 2014 hack of Mt. Gox.
On Nov 21, Wood's Ark held over 177,000 GBTC shares, Grayscale Bitcoin Trust, from Grayscale, a company within the Digital Currency Group (DCG) empire. The CEO also highlighted the need for decentralization and transparency due to the recent incidents with FTX, Celsius, and Alameda.
Aside from Woods, Michael Saylor of MicroStrategy shares the same sentiment that FTX is not pro-Bitcoin. The co-founder of MicroStrategy says, "this is just the tip of the iceberg," while questioning how far was SBF's actual reach.
Saylor: "Sam used stolen & counterfeit money to corrupt the establishment & undermine #bitcoin"
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