Cathie Wood of Ark Invest has shared her views on crypto in an interview with Yahoo! Finance, discussing Bitcoin’s value, and criticizing John Paulson - who famously bet against subprime mortgages during the financial crisis.
"What we think he is missing is that bitcoin is much more than just a store of value or digital gold. Bitcoin in particular is a new global monetary system. It's a rules-based monetary policy, which is completely decentralized and therefore is not subject to the whims of policymakers. In fact, it's a hedge against the whims of policymakers, especially in emerging markets,"
Paulson stated in a Bloomberg interview that crypto will “eventually prove to be worthless”, which led to Wood telling Yahoo Finance that the billionaire should read a few books about Bitcoin.
Cathie Wood has been a vocal member of the pro-crypto community, co-hosting “The ₿ Word” event this past July, remarking at the time, “we are proud to co-host the launch of ‘The ₿ Word.’ As the next wave of adopters embrace Bitcoin, we believe stakeholders must play an active role in supporting and sustaining the network”.
When it comes to Wood’s hopes for Paulson and others like him, the CEO of Ark Invest siad that she has hopes for the future, referencing high-profile conversions to crypto from the likes of billionaires Ray Dalio and Stanley Druckenmiller, who previously were detractors of crypto.
"I don't know how closely John Paulson and some of the other naysayers have looked at it [bitcoin], but I think there have been conversions. Ray Dalio has been a conversion, also Stanley Druckenmiller. These are very thoughtful investors who at one point thought bitcoin was a ponzi scheme."
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