Cathie Wood, CEO of Ark Invest, on Thursday addressed the recent launch of Trump Coin TRUMP/USD and her views on the broader crypto market.
What Happened: When asked about the official Trump meme coin, Wood categorized it as part of the ongoing “meme coin moment,” akin to the 2017 ICO boom, which saw speculative projects like CryptoKitties make headlines.
Speaking with Bloomberg ETF IQ, she speculated that Trump Coin might offer perks like meeting Donald Trump, but no confirmed utility has been established.
Cathie Wood stated that ARK avoids meme coins, focusing instead on the “big three” cryptocurrencies with robust ecosystems and utility: Bitcoin BTC/USD, Ethereum ETH/USD and Solana SOL/USD.
Wood sees DeFi, largely built on Ethereum and Solana, as the next major growth area in the crypto industry, contrasting it with the speculative nature of meme coins.
Also Read: Ark Invest’s Cathie Wood Says Belief In Bitcoin’s $1.5 Million Price Target By 2030 Has Grown
Why It Matters: Wood acknowledged that Donald Trump's actions, such as launching a meme coin a day before his inauguration, appointing Paul Atkins as SEC Commissioner, and Senator Cynthia Lummis' (R-Wyo.) plans to collaborate with Atkins, reflect a strong commitment to advancing the crypto industry.
She views these developments as indicative of a broader effort to regulate digital assets in a way that promotes innovation while ensuring compliance.
Read Next:
- Morgan Stanley CEO Says Meme Coins Are A Sign ‘Liquidity’ In Crypto
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