4 months ago
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ARK Invest to fund Bitcoin developers, ensuring core principles remain intact.
Cathie Wood, ARK Invest CEO, has expressed her strong preference for Bitcoin over Ethereum, stating that Bitcoin is “hands down” her choice for investment, said in a conference at Consensus 2024.
Speaking at the event, Wood emphasized the unique qualities of Bitcoin, describing it as a “global monetary system,” a “technology,” and a “new asset class.” She argued that no other cryptocurrency comes close to the potential and significance of Bitcoin.
Wood believes that Bitcoin could capture a significant portion of the global monetary supply, potentially as much as 20%, following the example set by countries like El Salvador, where Bitcoin has been adopted as legal tender. She sees Bitcoin as an “insurance policy” for countries and individuals whose purchasing power and wealth are being eroded.
When asked about the progress of Bitcoin since her initial blog post in 2014 and white paper in 2015, Wood expressed her lack of surprise at the cryptocurrency’s growth.
She stated, “This is a big idea, and it’s unstoppable. There’s no throat to choke.”
Wood also addressed the importance of maintaining the core principles of Bitcoin, such as decentralization, censorship resistance, and the right to self-custody. To support these principles and the developers who uphold them, ARK Invest has committed to allocating a percentage of its revenues from private funds to support core Bitcoin developers.
Furthermore, ARK Invest is developing a decentralization index to monitor and measure the balance between centralization and decentralization in the Bitcoin ecosystem. Wood believes that understanding and addressing potential centralization risks is crucial for the long-term success of Bitcoin.
Looking ahead, Wood identified regulatory risks as one of the main headwinds facing not only Bitcoin but also other innovative technologies like artificial intelligence. She expressed concern that over-regulation in the United States could lead to a loss of talent and innovation to other countries.
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