Crypto Revolution Dominating Conventional Banks as per Cathie Wood

Crypto Revolution Dominating Conventional Banks as per Cathie Wood
  • Over $101 million in long bets were liquidated on Wednesday.
  • According to Wood’s firm, it is still expected that bitcoin will reach $1 million by 2030.

Cathie Wood, CEO of Ark Invest, warned that banks may now be experiencing the effects of the cryptocurrency revolution. A well-known proponent of risky but rewarding investments, Wood told CNBC’s “Crypto World” on Thursday that the growing interest in DeFi (decentralized finance) apps might jeopardize the existing banking system. According to her, a “share shift” has occurred in DeFi loans. Speaking at the Bitcoin 2022 conference in Miami, Wood stated, “Banks have a big problem.” 

Losing Talent to Crypto

Ark Invest CEO Cathie Wood was optimistic during her speech at the Bitcoin 2022 Conference on April 7, 2022, in Miami, Florida’s Miami Beach Convention Center. Wood noted that political institutions are another aspect of the establishment that is beginning to embrace crypto. In September 2015, Ark became the first publicly traded asset management to get exposure to bitcoin. According to Wood’s firm, it is still expected that bitcoin will reach $1 million by 2030.

As per Woods:

“They’re losing talent to crypto, so they’re having to raise wages to attract talent, and they’re losing business to DeFi. Lending and saving – a lot of it is taking place in DeFi right now.”

The sudden drop of Bitcoin (BTC) from its 2022 highs triggered a wave of huge market liquidations. Large long holdings, anticipating a bottom for the token, have seen some of their largest liquidations. Over $101 million in long bets were liquidated on Wednesday as the token went below the support level, according to data from Coinglass.

According to CoinMarketCap, the Bitcoin price today is $42,424.08 USD with a 24-hour trading volume of $23,465,963,883 USD. Bitcoin is down 2.27% in the last 24 hours.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.