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Cathie Wood on Trump Coin and Crypto Revolution's Future

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by Giorgi Kostiuk

a year ago

Cathie Wood, CEO and Chief Investment Officer of ARK Invest, shared her views on the launch of Trump Coin and its significance for the future of the crypto revolution.

Launch of Trump Coin

In an interview with Bloomberg, Wood discussed the introduction of the official Trump Coin, launched shortly before Donald Trump's inauguration as the 47th President of the United States. She noted that currently, Trump Coin does not have any apparent utility other than being a memecoin dedicated to President Trump.

“[Trump Coin] Isn’t going to have any utility […] there is speculation that […] you’ll get to meet President Trump as one of the utilities of owning this coin, but so far, we don’t know if that’s the case or not.”

Comparison with 2017 ICO Boom

Wood compared the rise of memecoins to the 2017 ICO boom, highlighting that ICOs were crucial for introducing blockchain technology to a broader audience. Despite some viewing ICOs critically, they played a key role in attracting new participants to the crypto space.

Impact of Regulation on Crypto Market

In another interview, Wood expressed concerns about the U.S. losing its competitive edge in cryptos and emphasized the need to regain leadership in emerging technologies such as cryptocurrencies, AI, and robotics. She pointed out that overregulation drives talent away and argued for changes in the SEC to create a more favorable environment for digital assets.

Wood remains optimistic about the future of decentralized finance and hopes that regulatory shifts can stimulate innovation and economic growth paralleling the successes of the 1980s and 1990s.

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