Cathie Wood praises bitcoin’s resilience in the wake of FTX crash

In a recent tweet Ark Invest CEO Cathie Wood highlighted the fact that bitcoin “has not failed” during a recent crisis, praising the resilience of the flagship crypto-currency.

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. https://t.co/pV8UPT7cnm

– Cathie Wood (@CathieDWood) December 11, 2022

She added that FTX founder Sam Bankman-Fried did not like bitcoin because it is “transparent” and “decentralized“. “He couldn’t control it“, adds the famous stock picker.

Cathie Wood’s recent tweet comes in response to a monthly report published by Ark Invest, its investment management company. Ark Invest found that the supply held by long-term holders remains unchanged despite the FTX-induced market turbulence.

Last month, active bitcoin ownership also spiked by more than 18%, which is the largest positive percentage change since the beginning of 2021. This supports the hypothesis that self-custody continues its upward trajectory. The “flight to self-custody“would also be responsible for the largest monthly net outflows from centralized exchanges.

Cathie Wood predicted that bitcoin would reach $1 million by 2030 in late November. At the same time, she predicted that the collapse of FTX would likely hinder institutional adoption. However, once institutions have “done their homework“, they could end up being even more comfortable with bitcoin, according to Wood.

The world’s largest crypto-currency is currently trading at $17,173.