‘It’s not too late. I would say exactly the same thing. We’re in the first inning. People think they might have missed it when they saw bitcoin when it was at $70,000, but we’re in very early days.’ – Kathy Wood was a guest at the Milken Institute’s conversations with crypto pioneers alongside Coinbase co-founder, Brian Armstrong, where they discussed the current state of crypto and where they see it heading.
In the short 30-minute interview, Kathy expressed that one of the reasons for her passion for crypto is because of its property rights, and that’s truly the only way to get out of poverty.
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‘In looking at the crypto world as essentially three different revolutions, the revolution of money, the revolution of the financial services industry, and the next generation internet, we see companies embracing them in this way. For money, we have companies like Coinbase and Square and Tesla diversifying some of their cash into bitcoin money. In the case of DeFi and the next generation Internet, we’re seeing companies really starting to say wake up and say: “Oh, my goodness”. We see a lot of financial companies losing talent to crypto, so they have to take it seriously or else they’re going to be hollowed out in many ways.
We’re also seeing, I think, a very big idea, and it’s really the convergence of consumption and investment. And that’s taking place both in the DeFi world and in the next generation Internet world with NFT. So you’re seeing, you know, meta platforms and other more consumer-facing companies really trying to get with the program.‘
I think generally on-chain analysis now that we’re a financial services company investing. The ability to look into these networks’ transparency and understand their health and understand their usage patterns is very interesting. I think NFTs just generically, in a sense, are extremely important because, like property rights in the physical world. If you listen to Hernando de Soto, a famous economist, or Thomas Sowell, they will tell you that the sure way to lift countries and people out of property is with property rights. So I think that’s very interesting and profound from a democratization point of view. I think that we call them. Retail is leading the charge here, but there’s a different kind of asset manager evolving here. I think institutions have to consider that how they are going to start playing ball. I also think on-chain analysis is the reason retail can do this; the transparency into the health of various networks; and then the third thing that I’d really focus on, and again, I’m always looking at the risks. Everybody thinks I’m just so rah-rah but of course we have to look at the risks and uh, we’re going to try our analysts, Yaseen, Frank, and David, to try and develop a metric for the degree of centralization of each of these blockchain technologies because there are going to be varying degrees of security, the most secure network being bitcoin. Then you’ll have more centralization. What we’re trying to avoid is getting back to the status quo, like visa.
What do you think of Kathy’s thoughts here?
- Bitcoin is still hovering around $38,000 while Ethereum is around $2 800.
- Crypto analysts and traders aren’t expecting market-shaking moves in the aftermath of the Federal Reserve’s policy-making meeting on Wednesday, owing to the market’s expectation of a rate hike of 50 basis points for a month
- As markets wait to see what the Fed does, Coinbase looks like they’ll be pioneering once again in the financial world as it was reported that Coinbase took out the first bitcoin-backed loan from Goldman Sachs.
[This article is a transcription of a video made by Only The SAVVY]
Original video: https://youtu.be/H0Ur7XX53ZE ]