Bitcoin and Ethereum are on the right track, claims Ark Invest’s Cathie Wood ⋆ ZyCrypto

Cathie Wood, founder and CEO of US investment management firm Ark Invest has praised Bitcoin and Ethereum, noting that despite suffering sharp price drops following the collapse of FTX, they were both “on the right track.”

Wood’s stated in an interview on Monday that the fact that the technical aspects of the two cryptocurrency networks were unaffected by the recent debacle of top crypto firms proved the immutability of blockchain technology.

“Sam Bankman Fried didn’t like Bitcoin, why didn’t he like it? Completely decentralized, transparent, he couldn’t control it. FTX, Celsius and 3AC completely opaque and centralized. Those were the companies that went under.” Woods told CNBC’s “Squawk on the Street” host Carl Quintanilla.

“The blockchains, whether you’re talking about bitcoin or Ethereum and many others, they didn’t skip a bit. Transactions didn’t stop, and I think that’s given us a lot of confidence that they’re actually on the right track,” she added.

The famous money manager shared his thoughts on the future of Blockchain. According to her, there were three revolutions taking place at the same time. First there was the money revolution which for her was mainly Bitcoin and some Ether. Second, there was the financial revolution, and finally, there was the notion of digital property rights.

In particular, she emphasized the importance of immutable property rights, which have largely been seen through Non-Fungible Tokens (NFTs). In her opinion, decentralization of property rights, as guaranteed by blockchain technology, will help alleviate the economic situation of countries around the world.

“I know that the best way to lift people ad country out of poverty is to give them immutable property rights, and we believe that web3 is about bringing digital property rights into this new world,” she continued.

Since 2015 when Ark Invest first invested in Bitcoin, the millionaire has been making bullish predictions for Bitcoin’s price. On February 1, she has told CNBC’s Squawk Box that crypto assets could reach six figures by 2030.

Wood’s support for blockchain technology has also been evident in Ark Invest’s portfolio allocations. The firm currently manages an Innovation ETF (ARKK) whose stated objective is to capture growth from technologies that could potentially change the world. In recent weeks, Ark has been aggressively accumulating Coinbase shares for the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), acquiring nearly $9 million in COIN shares last week.

Ark also holds just over 5 million (worth roughly $55 million) in Grayscale’s Bitcoin Trust (GBTC) shares, further demonstrating Wood’s conviction about Bitcoin and its underlying technology.