ARK Invest’s Cathie Wood says Bitcoin and Ethereum haven’t skipped a beat amid US banking crisis
ARK Invest CEO Cathie Wood says Bitcoin (BTC) and Ethereum (ETH) have continued to keep up even amid the crises in the legacy markets.
In a new episode of In the Know, Wood says that the Bitcoin and Ethereum networks are operating as expected and are not in any way affected by the high-profile collapse of Silvergate Bank and Silicon Valley Bank.
“The Bitcoin blockchain and Ethereum, these two blockchains have not skipped a beat. There have been no transactions interrupted. The smart contracts, which are rule-based, when there’s a margin call – a stock goes down or something falls in value – it’s an automatic margin call. It just happens automatically in this overburdened system…
What has happened with the Bitcoin and Ethereum blockchains is that they act as proof of concept. They haven’t stopped. Transactions that were supposed to take place are happening seamlessly and the health of the network is still very strong.”
Wood also says that what happened in the old markets last week, where people saw the meltdown of two publicly traded banks, bodes well for the future of crypto.
“Short-term signals, chain signals may have gone a little negative because crypto is not immune to liquidity pressures in general in the traditional world, but this idea of decentralized and transparent, which we think will support digital wallets, has just gotten more of a proof of concept, more centralized entities fail.”
At the time of writing, Bitcoin is trading at $22,391 while Ethereum is worth $1,600. Both cryptoassets have increased by over 9% in the last 24 hours.
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