Cathie Wood at Consensus 2024: Bitcoin is ‘unstoppable’

Speaking at Consensus 2024, Cathie Wood touched upon her crypto preferences, stating that she is in favor of Bitcoin.

During a panel discussion at Consensus 2024, ARK Invest CEO Cathie Wood clarified her stance, expressing strong support for Bitcoin (BTC) over all other cryptocurrencies.

“This is a big idea and it is unstoppable,” Wood said of Bitcoin, adding: “There is no throat to choke. When Facebook launched Libra, there was a throat to choke, but there is no such vulnerability in Bitcoin.”

Wood argued that no other cryptocurrency comes close to Bitcoin’s potential and importance. He touched upon the importance of preserving Bitcoin’s principles such as decentralization and self-custody.

“Excitement is growing because Bitcoin is a new asset class. It is a monetary system, but it also represents a new asset class,” Wood said at the conference, referring to the recent Bitcoin ETF approval.

Cathie Wood in Ethereum ETF

Wood called the recent Ethereum ETF approval “shocking” and noted that the ETF’s swift and seamless approval has gained pro-crypto momentum in the U.S. government.

“The reading was [the ETF] It would not be approved. It certainly wouldn’t have been approved,” Wood said.

Wood stated that cryptocurrency policy is a matter of choice, citing FIT21 and Former President Donald Trump’s “comfort” switching to crypto.

“We were confident it would be rejected,” Wood said.

The emergence of cryptocurrency as a major election issue in the United States is encouraging candidates and lawmakers to clarify their stances on regulation, potentially shaping future financial and technological landscapes.

Wood emphasized that voters concerned with finance and economic stability could lead policymakers to adopt clearer guidelines that balance growth and security in the crypto market.

federal reserve

When asked about the Fed’s utility, Wood expressed his opinion that this should be halted or moderated as the strength of Bitcoin and money increases.

“It’s time to reduce this dramatically and let market forces prevail,” Wood said.

Wood criticized the Federal Reserve, echoing themes that it is archaic for its outdated approach to monetary policy vis-à-vis global asset classes like Bitcoin.

Bitcoin instead of Ethereum

When asked if he would invest in just Bitcoin or Ethereum (ETH), Wood stated that he would definitely choose Bitcoin.

“Bitcoin, definitely. There’s no doubt about it,” Wood said.

Wood once again emphasized Bitcoin’s usefulness and global monetary value when discussing Bitcoin’s popularity compared to all other crypto options.

Ark’s price target for Bitcoin is based on the assumption that Bitcoin will capture more than 3% of the global money supply outside the big four (US, UK, Japan and Europe). Wood said that estimate is conservative.

Wood also further solidified his position by voicing his positive thoughts on El Salvador’s adoption of Bitcoin.