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Cathie Wood Praises Bitcoin’s Resilience in Wake of FTX Crash

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Sun, 11/12/2022 - 13:23
Cathie Wood Praises Bitcoin’s Resilience in Wake of FTX Crash
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In a recent tweet, Ark Invest CEO Cathie Wood has pointed to the fact that Bitcoin “didn’t skip a beat” during a recent crisis, praising the flagship cryptocurrency’s resilience. 

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She further argues that disgraced FTX founder Sam Bankman-Fried didn’t like Bitcoin due to the fact that it is “transparent” and “decentralized.” “He couldn’t control it,” the famous stock picker added.

Wood’s recent tweet comes in response to a monthly report published by Ark Invest, her investment management company. 

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Ark Invest has noted that the supply held by long-term holders remains unchanged despite the FTX-induced market turmoil. 

Last month, the number of active Bitcoin owners also spiked by more than 18%, which is the largest positive percentage change since early 2021. This confirms the assumption that self-custody continues its upward trajectory. The “flight to self-custody” is also believed to be the reason behind the largest monthly net outflows from centralized exchanges.  

As reported by U.Today, Wood predicted that Bitcoin would hit $1 million by 2030 in late November. At the same time, she predicted that the FTX collapse would likely hinder institutional adoption. However, once institutions “do their homework,” they might end up being even more comfortable with Bitcoin, Wood says. 

The world’s largest cryptocurrency is currently trading at $17,173 on the Bitstamp exchange. 

The flagship cryptocurrency is down as much as 75.13% from its lifetime peak of $17,160. 

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