Ark Investment Management CEO Cathie Wood defended Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), saying the two major cryptocurrencies "didn't skip a beat" despite the collapse of centralized entities such as FTX and Celsius.
What Happened: In an interview with CNBC on Monday, Wood expressed her confidence that decentralized and transparent blockchains like Bitcoin and Ethereum are "on the right track.”
"FTX, Celsius, and 3AC are totally centralized and opaque. These were the businesses that failed, yet blockchains like Bitcoin and Ether kept moving forward and transactions continued. And that has boosted our confidence greatly," she added.
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Wood's Ark Invest on Feb.1 released its seventh edition of the ‘Big Ideas 2023’, which suggested that BTC is on a trajectory that could see it become a multi-trillion dollar market in the coming years.
Wood has repeatedly forecast that by 2030, the price of Bitcoin may surpass $1 million, according to data from Ark.
Price Action: At the time of writing, Bitcoin was trading at $23,457, down 0.47% in the last 24 hours, according to Benzinga Pro.