Bitcoin (BTC) is too “decentralized and transparent” for former FTX CEO Sam Bankman-Fried, says Cathie Wood.
in a cheep On December 10, Wood, who is CEO of investment giant ARK Invest, delivered a damning new assessment of the FTX saga.
Wood: SBF “couldn’t control” Bitcoin
As the legal ramifications for FTX and Bankman-Fried, aka SBF, continue, Bitcoin loyalists show little sympathy for him.
ARK’s Wood is now firmly among them, no mincing words, as BTC’s price action continues to trade around 20% lower for the month.
“The Bitcoin blockchain did not miss a beat during the crisis caused by opaque centralized players,” he 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 latest Bitcoin market roundup, “The Bitcoin Monthly,” in which analysts including David Puell were bullish on BTC despite recent setbacks.
“ARK’s belief in decentralized and transparent public blockchains is as strong as ever,” he stated.
“The FTX and other cases like Celsius and Alameda suggest that decentralization and transparency are paramount as antidotes to the serious mismanagement that can be associated with centralized intermediaries, especially fraudulent ones.”
As Cointelegraph reported, ARK has, however, doubled down on its exposure to other crypto firms feeling the heat from FTX, notably Grayscale, part of the Digital Currency Group (DCG) conglomerate, in the form of larger holdings of Grayscale Bitcoin Trust (GBTC).
The last purchase of almost 177,000 GBTC shares occurred on November 21, according to data from the Wood-dedicated website Cathie’s Ark.
ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark
Bankman-Fried has few allies in Bitcoin
Meanwhile, the FTX saga continues, with Bankman-Fried taking center stage as revelations continue to emerge.
Related: Bitcoin Price Selloff Risk Rises As BTC Struggles To Recoup $18K
Among the most recent was the news that FTX subsidized crypto news outlet The Block through undercover payments to its now-former CEO, Mike McCaffrey.
Other reports indicate that Bankman-Fried deliberately attempted to destabilize the Bitcoin blockchain to help limit the fallout from FTX.
“Sam used stolen and counterfeit money to corrupt the establishment and undermine Bitcoin,” MicroStrategy CEO Michael Saylor said. tweeted over the weekend in a hardline stance similar to Wood’s.
“This is just the tip of the iceberg. How many other journalists, academics, money managers, politicians, charities, influencers and lobbyists have you corrupted or co-opted?”
BTC/USD was trading above $17,000 at the weekly close, data from Cointelegraph Markets Pro and TradingView showed, with macro volatility forecast for the coming week.
BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView
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This post SBF ‘Didn’t Like’ Decentralized Bitcoin: Cathie Wood, CEO of ARK Invest
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