ARK Investment Management CEO Explains Why SBF Did Not Like Bitcoin
On the 11th of December 2022, ARK Invest Management, LLC’s CEO, CIO, and founder – Cathie Wood – elaborated the reason behind the infamous FTX founder’s hatred for Bitcoin. Wood recently shared her opinion with his 1.5 million followers on Twitter. The ARK Invest CEO claimed that Sam Bankman-Fried hated Bitcoin because it was not in its control.
Cathie Wood Claims Bankman-Fried Hated Bitcoin Due to Its Decentralization
She expressed her feelings about the recent prominent bankruptcies as well as the impact put by them on the whole crypto industry. In her recent interview, she mentioned her belief that the world of decentralized finance would witness a significant boost in the coming time. The reason behind this, she added, is transparency and decentralization. In Wood’s words, the respective networks did not even miss a beat and the transfers on them were completed.
Wood opined that a lot of other merits are also followed on the behalf of decentralized networks like Bitcoin, indicating that they will get prominence in the future. She proposed the view that the FTX debacle has been helpful for the community to learn about the significance of decentralization. She mentioned Three Arrows Capital, Celsius, and FTX by name saying that they were all centralized platforms with ambiguous systems.
As per her, the consumers of those companies were not allowed to know about what was going on inside. The investment firm ARK Invest is engaged in managing many exchange-traded funds (ETFs). The company has recently issued The Bitcoin Monthly Report’s November 2022 edition. In the respective report, the platform mentioned that FTX (the crypto exchange founded by Bankman-Fried) submitted its bankruptcy application in the respective month.
The report claimed that the worth of billions of dollars in potentially illegitimate funds was transacted by the crypto exchange to its sister platform Alameda Research to cope with the margin calls. In the report, it was specified that the slump of FTX pave the way for a huge downfall of the crypto industry, pushing into additional capitulation. According to the report, consumer deposits of billion-dollar worth are stuck on the crypto exchange.
As the report puts it, this decline pushed BlockFi to submit a bankruptcy filing. Following that, the report added, Genesis had no option left but to stop client withdrawals. Nevertheless, it was admitted in the report that the ratio between the primary crypto token’s realized profits as well as losses touched their all-time low, signifying an extreme capitulation.
The other pessimistic factor noted in the report was that the cumulative outflows from the crypto exchanges reached their all-time high. The hash rate of Bitcoin went through a correction as the BTC miners experienced considerable stress in the case of profit margins.
Long-Term Bitcoin Holders Remain Determined amid Market Uncertainty
Nevertheless, an optimistic point was also recorded by the report dealing with the determination of the long-term holders of the primary crypto token. The report asserted that the cumulative supply of long-term holders expressed stability at the 13.8M BTC mark which is close to the token’s all-time high.
The reports have brought to the front that, despite the overall slump of the market, ARK Invest has doubled down the exposure thereof to the rest of the crypto companies experiencing the impact posed by FTX. On the other hand, some reports suggest that the FTX founder deliberately tried to subvert the Bitcoin blockchain while endeavoring to minimize the FTX fiasco.
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