Ark Invest CEO Cathie Wood made waves last month by maintaining her bullish stance on Bitcoin. Despite the cryptocurrency having sunk more than 60% in the year to below $17,000 at the time, she confidently predicted it would hit $1 million by 2030, reiterating a call that her firm made in April.
This weekend, she signaled her continued confidence in Bitcoin and shared data to back it up, while also criticizing Sam Bankman-Fried, the founder and ex-CEO of cryptocurrency exchange FTX.
FTX abruptly collapsed last month, shaking confidence in a sector that was already reeling from a “crypto winter.”
On Saturday, Wood tweeted, “The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”
Wood also shared a link to a Bitcoin report from her firm, which stated:
“Despite market volatility associated with FTX’s demise, the supply held by long-term holders—or the supply last moved 155 days ago or more—closed flat for the month of November. We believe this datapoint indicates holders’ long-term focus and high conviction, despite recent events. Today, long-term-holder supply is 72% of bitcoin’s total circulating supply.”
A Bitcoin maximalist’s view of FTX
One of those long-term Bitcoin holders is MicroStrategy CEO Michael Saylor, who describes himself as Bitcoin maximalist. He also weighed in on the FTX fiasco this week.
“You have the Bitcoin community opposite the crypto community, and there’s been a low-grade, sort of boiling guerrilla war between the two camps for the past two and a half years,” he said this week on the PBD Podcast. “And Sam is kind of like the poster child of the crypto world.”
Bankman-Fried and his ilk were always guilty of “shitcoinery,” he said, or of “pumping and promoting unregistered securities…It’s unethical if you think,…
