Connect with us

Cryptocurrency

SBF ‘Didn’t Like’ Decentralized Bitcoin – Cathy Wood, CEO of ARK Invest

Avatar

Published

on

bitcoin (BTC) is too “decentralized and transparent” for former FTX CEO Sam Bankman-Fried, says Cathy Wood.

in tweet On Dec. 10, Wood, who is the CEO of investment giant ARK Invest, gave a fresh assessment of the FTX saga.

Wood: SBF ‘can’t control’ Bitcoin

With the ongoing legal fallout from FTX and Bankman-Fried, aka SBF, bitcoin loyalists give him little sympathy.

Now firmly among them, ARK’s Wood hasn’t minced its words as BTC price action continues to trade up nearly 20% over the course of the month.

“The Bitcoin blockchain has not skipped a beat during the crisis caused by shadowy central players,” she wrote.

“No wonder Sam Bankman Fried didn’t like bitcoin: it’s transparent and decentralized. He couldn’t control it.”

Wood linked to ARK Invest’s latest Bitcoin market summary, “The Bitcoin Monthly,” in which analysts including David Puell exited upwards on BTC despite recent setbacks.

“ARK’s conviction in a decentralized and transparent public blockchain is as strong as ever,” she stated.

“FTX and other cases such as Celsius and Alameda indicate that decentralization and transparency are paramount as an antidote to the serious mismanagement that can be associated with centralized brokers, especially scammers.”

As Cointelegraph mentionedHowever, ARK has doubled its exposure to other crypto companies Feeling hot of FTX, in particular Grayscale, part of the Digital Currency Group (DCG) conglomerate, in the form of growing holdings of Grayscale Bitcoin Trust (GBTC).

The last purchase of approximately 177,000 shares of GBTC took place on November 21, according to data From Wood’s dedicated site, Cathie’s Ark.

ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark

Bankman-Fried has a few allies in Bitcoi

Meanwhile, the FTX saga continues, with Bankman-Fried taking center stage as revelations continue to spread.

Related: Bitcoin price liquidation risks are rising as BTC struggles to reclaim $18k

Among the latest news is that FTX is supporting crypto news outlet The Block via Secret payments to its now former CEO, Mike McCaffrey.

Other reports indicate that Bankman-Fried deliberately attempted to destabilize the Bitcoin blockchain to help limit the fallout from FTX.

“Sam used stolen and counterfeit money to corrupt the enterprise and undermine Bitcoin,” MicroStrategy CEO Michael Saylor, chirp over the weekend in a similar tough stance as Wood.

“This is just the tip of the iceberg. How many journalists, academics, money managers, politicians, charities, influencers and lobbyists have he corrupted or co-opted?”

BTC/USD traded above $17,000 in the weekly close, data from Cointelegraph Markets Pro And the TradingView Show, with total fluctuations Because next week.

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.