SBF ‘did not like’ decentralized Bitcoin — ARK Invest CEO Cathie Wood
Bitcoin (BTC) is simply too “decentralized and transparent” for former FTX CEO Sam Bankman-Fried, says Cathie Wood.
In a tweet on Dec. 10, Wood, who’s CEO of funding large ARK Invest, delivered a recent damning appraisal of the FTX saga.
Wood: SBF “couldn’t control” Bitcoin
Because the authorized ramifications of FTX and Bankman-Fried, also called SBF, proceed, Bitcoin loyalists are giving him little sympathy.
ARK’s Wood is now firmly amongst them, not mincing her phrases as BTC value motion continues to commerce round 20% down over the month.
“The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized 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 newest Bitcoin market abstract, “The Bitcoin Monthly,” by which analysts together with David Puell came out bullish on BTC regardless of the current setbacks.
“ARK’s conviction in decentralized and transparent public blockchains is as strong as ever,” it acknowledged.
“The FTX and other cases like Celsius and Alameda suggest that decentralization and transparency are paramount as antidotes to the gross mismanagement that can be associated with centralized intermediaries, especially fraudulent ones.”
As Cointelegraph reported, ARK has nonetheless doubled down on its publicity to different crypto corporations feeling the heat from FTX, notably Grayscale, a part of the Digital Foreign money Group (DCG) conglomerate, within the type of elevated holdings of the Grayscale Bitcoin Belief (GBTC).
The newest buy of practically 177,000 GBTC shares occurred on Nov. 21, in response to data from Wood’s devoted web site, Cathie’s Ark.
ARK Invest GBTC holdings chart (screenshot). Supply: Cathie’s Ark
Bankman-Fried has few allies in Bitcoi
In the meantime, the FTX saga rolls on, with Bankman-Fried taking middle stage as revelations proceed to pour out.
Associated: Bitcoin price liquidation risk increases as BTC struggles to reclaim $18K
Among the many most up-to-date was information that FTX backed crypto information outlet, The Block, by way of covert payments to its now former CEO, Mike McCaffrey.
Additional experiences point out that Bankman-Fried intentionally tried to destabilize the Bitcoin blockchain to assist restrict the FTX fallout.
“Sam used stolen & counterfeit money to corrupt the establishment & undermine bitcoin,” MicroStrategy CEO, Michael Saylor, tweeted over the weekend in a equally hardline stance to Wood.
“This is just the tip of the iceberg. How many other journalists, academics, money managers, politicians, charities, influencers, & lobbyists did he corrupt or co-opt?”
BTC/USD traded above $17,000 into the weekly shut, knowledge from Cointelegraph Markets Pro and TradingView confirmed, with macro volatility due within the coming week.
BTC/USD 1-day candle chart (Bitstamp). Supply: TradingView
The views, ideas and opinions expressed listed here are the authors’ alone and don’t essentially mirror or symbolize the views and opinions of Cointelegraph.
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