June 9, 2023

Taylor Daily Press

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Cathy Wood Warns: America Is Losing Grip on Bitcoin Movement – BLOX

Cathy Wood, founder of ARK Invest, believes the US is at risk of losing its grip on the “Bitcoin movement” due to its regulatory system.

Speaking at Fortune’s Most Powerful Next Gen conference, Wood explained that attention and interest in cryptocurrency is increasingly moving from the US to other countries. As an example, he mentioned Coinbase, a platform where you can buy and sell crypto. Coinbase is licensed to operate in Bermuda and plans to expand to Singapore.

Wood’s firm, ARK Invest, is known for regularly buying large stakes in Coinbase.

As the banking crisis highlights the dangers of centralization, Bitcoin offers an alternative

Wood said: “It would be great if the U.S. were leading this movement, but we’re losing ground because of our regulatory system.” Frustration over crypto regulation in the United States is particularly focused on the Securities and Exchange Commission (SEC), which believes the industry does not need a separate framework outside of existing laws.

Additionally, there are ongoing disputes with Coinbase and Ripple. Wood cited last year’s collapse of crypto exchange FTX as an example that proved Bitcoin’s point, and this year’s banking crisis that saw the likes of Silicon Valley Bank, Silvergate and Signature collapse. Wood believes these crises highlight the dangers of centralization in financial systems, which Bitcoin faces.

A Conspiracy Against Bitcoin?

If the traditional financial system in America collapses, great wealth and jobs will be lost. Sometimes Bitcoin and other cryptocurrencies seem to be abandoned for that reason.

The only way to sustain the current system is to continue to encourage faith in it. This can be done in part by pushing potential alternatives, such as a decentralized system with Bitcoin, into the background. If you look at the facts, it is illogical to have faith in a system where money is constantly being printed and debts are skyrocketing.

If the US is to maintain its position as world leader, it may be critical that they adopt a new, better financial system.

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