Cathie Wood, CEO and Chief Investment Officer of ARK Invest believes that former U.S. President Donald Trump is essential in advancing the cryptocurrency revolution’s next phase.
In an interview with Bloomberg, Wood shared her thoughts on the launch of Trump’s Official Trump (TRUMP) token, which was introduced shortly before his inauguration as the 47th president of the United States.
“[Trump Coin] Isn’t going to have any utility […] there is speculation that […] you’ll get to meet President Trump as one of the utilities of owning this coin. I don’t know if that’s the case or not, but so far, we don’t know of much utility for this coin, except that it is a memecoin of President Trump himself,”
she noted.
She compared the current surge in memecoins and the 2017 ICO boom, pointing out that the ICO movement helped introduce blockchain technology to a broader audience. Despite some dismissing ICOs as “cringe,” they were crucial in raising awareness and attracting new participants to the crypto space.
When asked about purchasing Trump Coin, Wood declined, stating that her firm has largely avoided memecoins and is instead focused on the major cryptocurrencies like Bitcoin, Ether, and Solana. She expressed optimism about the future of decentralized finance (DeFi), predicting it will become a significant sector with Ethereum and Solana as key players in its development.
In another development, Wood expressed concerns about the U.S. losing its competitive edge in crypto and emphasized the need to regain leadership in emerging technologies like crypto, AI, and robotics. She pointed out that overregulation drives talent away and argued for changes at the SEC to create a more favourable environment for digital assets. Wood is optimistic that regulatory shifts could stimulate innovation and economic growth, akin to the growth experienced in the 1980s and 1990s.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
