Cathie woods, Ark Invest CEO, is bullish for Bitcoin despite FTX’s collapse. She said that the Bitcoin Blockchain continued to work as usual.
In a December 11 tweet quoting Ark Invest’s November report on long-term holders BTC’s supply, she noted that the blockchain had shown resilience while taking a dig at FTX Founder Sam Bankman-Fried.
SBF Didn’t Like Bitcoin Because He Couldn’t Control it: Woods
According to her, the Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players.
She said SBF did not like Bitcoin because it was transparent and decentralized, adding that “he couldn’t control it.”
Woods is still bullish on cryptocurrency and believes that decentralised finance will be boosted by the bankruptcy of central entities.
Woods Bullish on DeFi
Woods stated that DeFi networks are working as programmed in an interview with Yahoo Finance, December 9. She also pointed out that metrics show that they are becoming stronger. She said:
“I think what we’re learning because of FTX is how much more important fully transparent decentralized networks will be to financial services going forward… FTX, Celsius, 3AC were all closed networks. Opaque systems. You couldn’t see what was going on…”
In her opinion, the DeFi sector’s transparency, even amid the crypto crises, will always be its saving grace.
Ark Invest: Transparent and decentralized blockchains remain strong
Ark Invest Bitcoin Monthly report It also showed a dark picture of November’s events, with BlockFi declaring bankruptcy and FTX collapsing. It was a month of high capitulation with Bitcoin’s realized profits and losses at an all-time low.
But, the supply of long-term BTC holders stabilized at 13.8million BTC, close enough to an all-time record.
Even amidst this bloodbath, Ark Invest noted that “decentralized and transparent public blockchains are as strong as ever.”
The report recommended that “decentralization and transparency are paramount as antidotes to the gross mismanagement that can be associated with centralized intermediaries.”
Those crypto companies that are exposed to FTX still suffer from the consequences. Crypto media outlet The Block’s CEO Michael McCaffrey resigned following revelations that he got an undisclosed loan from Alameda.
Disclaimer
BeInCrypto reached out to the company or individual in the story for an official statement, but has not heard back.