Bitcoin (BTC) is simply too “decentralized and transparent” for former FTX Chief executive officer Mike Bankman-Fried, states Cathie Wood.
Inside a tweet on 12 ,. 10, Wood, who’s Chief executive officer of investment giant ARK Invest, delivered a brand new damning evaluation from the FTX saga.
Wood: SBF “could not control” Bitcoin
Because the legal ramifications of FTX and Bankman-Fried, also referred to as SBF, continue, Bitcoin loyalists are giving him little sympathy.
ARK’s Wood has become firmly included in this, not mincing her words as BTC cost action is constantly on the trade around 20% lower within the month.
“The Bitcoin blockchain didn’t skip a beat throughout the crisis brought on by opaque centralized players,” she authored.
“No question Mike Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t manage it.”
Wood associated with ARK Invest’s latest Bitcoin market summary, “The Bitcoin Monthly,” by which analysts including David Puell arrived on the scene bullish on BTC regardless of the recent setbacks.
“ARK’s conviction in decentralized and transparent public blockchains is really as strong as always,” it mentioned.
“The FTX along with other cases like Celsius and Alameda claim that decentralization and transparency are vital as antidotes towards the gross mismanagement that may be connected with centralized intermediaries, especially fraudulent ones.”
As Cointelegraph reported, ARK has nevertheless bending lower on its contact with other crypto firms feeling heat from FTX, particularly Grayscale, area of the Digital Currency Group (DCG) conglomerate, by means of elevated holdings from the Grayscale Bitcoin Trust (GBTC).
The most recent acquisition of nearly 177,000 GBTC shares happened on November. 21, based on data from Wood’s dedicated website, Cathie’s Ark.
Bankman-Fried has couple of allies in Bitcoi
Meanwhile, the FTX saga rolls on, with Bankman-Fried taking center stage as revelations still pour out.
Related: Bitcoin cost liquidation risk increases as BTC struggles to reclaim $18K
One of the most recent was news that FTX subsidized crypto news outlet, The Block, via covert payments to the now former Chief executive officer, Mike McCaffrey.
Further reports indicate that Bankman-Fried deliberately tried to destabilize the Bitcoin blockchain to assist limit the FTX fallout.
“Mike used stolen & counterfeit money to corrupt the establishment & undermine bitcoin,” MicroStrategy Chief executive officer, Michael Saylor, tweeted over the past weekend inside a similarly hardline stance to Wood.
“Case the beginning. The number of other journalists, academics, money managers, politicians, non profit organizations, influencers, & lobbyists did he corrupt or co-opt?”
BTC/USD traded above $17,000 in to the weekly close, data from Cointelegraph Markets Pro and TradingView showed, with macro volatility due within the coming week.
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