Despite the colossal bankruptcy of FTX
A star investor bets one million on the price of Bitcoin
The collapse of Sam Bankman-Fried’s FTX crypto exchange rocked the world of digital currencies. However, there are still investors who avoid virtually no risk. Among them Cathie Wood.
Cathie Wood is one of the most famous technology investors in the US.
The crypto world is also going crazy two weeks after the bankruptcy of the FTX platform. Sam Bankman-Fried (30), the failed CEO of the third largest crypto exchange, lost everything in a matter of days. His company FTX is bankrupt. For a long time, he was considered a crypto prodigy. He is now accused of the biggest fraud scandal in the crypto world.
He allegedly robbed his customers of billions. And it put the entire crypto industry in a bad light. Many investors are worried. “People don’t know which platform to trust anymore,” said Adrian Przelozny, CEO of the Independent Reserve crypto exchange, on Bloomberg Television.
Bet on fallen angels
And yet there are still investors who are undeterred. And continue to rely fully on cryptocurrencies. One of the most famous of them is Cathie Wood (66). The strategy that made her famous around the world: she bets on fallen angels and buys their shares.
Your ARK Investment Management sees Bitcoin at $1 million in 2023 even after the FTX collapse. Wood is not adjusting this bold prediction downward. The tech investor is sticking with it. And so ARK bravely joined the Coinbase crypto exchange. And he just bought 1.3 million shares of Coinbase. For $65 million. And that’s despite Coinbase’s share price dropping 83 percent since the start of the year.
So the crypto craze continues. (pb)