Cathie Wood: I Like Crypto Even More After FTX! (HERE IS WHY)

Welcome back everybody to altcoin daily Happy 
Thanksgiving can't stop won't stop we come at   You on a daily basis bringing you the latest 
in everything going on in cryptocurrency my   Question to the altcoin Daily audience why is Sam 
bankman freed not yet in jail why is he still a   Confirmed speaker at the New York Times speaking 
event November 30th why is he still being invited   On shows like CNBC to do interviews why is he 
allowed to just lounge around all day at his   Multi-billion dollar home in the Bahamas with very 
few politicians seemingly speaking out about this   Injustice and asking the doj to take action with 
it seeming like people are more concerned about   The movie rights than actually taking bankman 
freed to Justice and getting Justice for the users   Of FTX we need answers my friends and for that 
we go to Kathy Woods Kathy Wood the founder of 60   Billion Arc invest a star stock picker a Bitcoin 
ethereum D5 crypto believer Kathy is going to help   Us answer some questions today because if anyone 
can provide solid perspective it's her so first   Question the FTX disaster created a deficit of 
trust in the whole industry why should investors   Continue to trust crypto why should investors 
trust crypto why do you trust crypto at this point   Yes if you look at the blockchains let's 
use Bitcoin blockchain and ethereum what   You'll find is they have the infrastructure the 
technology has not skipped a beat throughout this   Entire crisis in fact the hash rate bitcoin's 
hash rate is at an all-time high and that is a   Real indication of the security of the network 
ethereum we're seeing the total value staked at   24 billion that is an all-time high so we think 
the infrastructure is working beautifully this is   The three revolutions we talk about all the time 
one new monetary system in in terms of the first   Global private meaning not government controlled 
digital right rules-based monetary system that's   Bitcoin a very big idea Defy is a very big idea 
and while that has been thrown into question in   Terms of shifting from one Exchange to another 
we've had a lot of Shifting around but I think   Defy in terms of taking the middlemen out of 
financial services and and making the ecosystem   Much more transparent with much less counterparty 
risk is going to take off it will continue to move   Forward we believe how is the FTX disaster going 
to affect the recovery of the cryptocurrency   Industry and the recovery of prices I've heard 
some people claim that the FTX collapse will set   The industry back by years I've heard other people 
theorize that because all of these disasters   Happen in this time period it's actually going 
to make the bear Market faster what does Kathy   Woods think how long does the crypto industry 
feel the ramifications of the FTX disaster and   How soon do you think the recovery will happen 
Kathy I think one of the things we're trying to   Figure out is how long that we think the industry 
will be feeling the ramifications of FTX I mean   One thing we've learned right with SPF and FTX 
is what we didn't know so how long do you think   This goes on because you obviously have faith 
in it you've been buying into it and you think   This is a good entry point how long do you think 
we continue to feel the effect and do you think  

There's more contagion to be felt well we always 
look for the whale in a situation like this and if   If there was a whale out there it was FTX and Sam 
bankman freed you know King of the Hill so I think   We found the whale and I'm sure there are there's 
going to be more Fallout but we see how big the   Whale is and yes a lot of people have lost a lot 
of money around the crypto asset ecosystem losing   Value here but if we're right on the underlying 
technology and the underlying roles that Bitcoin   And ether ethereum are going to play in this new 
world then I think we're going to recover pretty   Quickly before we go any further I have a question 
for you I have a question for Kathy Wood is Sam   Bankman Freed's fraud more like Bernie madoff's 
fraud or is it more like Lehman Brothers fraud   Bernie Madoff fraud was a multi-billion dollar 
fraud Lehman Brothers fraud was a trillion dollar   Fraud so is Sam bankman fried closer to Bernie 
Madoff or closer to Lehman Brothers many people   Are saying well okay is this another Lehman could 
we see the domino effect here I've just given you   One reason why the banking system back in 0809 
trillions and trillions of dollars and it was the   Global banking system right now we have it seems 
from FDX 5 to 10 billion dollars in creditors   As FTX has filed bankruptcy they will be making 
claims if you look at Lehman that was 1.2 trillion   Dollars in claims so again just trying to put 
perspective this is fraud this is Madoff Madoff   Was 64 billion dollars in claims again FTX 5 to 
10 billion now the 50 billion dollar pink elephant   In the room is what's going on with grayscale 
what's going on with Genesis what's going on with   The digital currencies group Kathy Wood very in 
tune with what's going on with grayscale digital   Currency group Genesis she doesn't have inside 
information but she comes from that world so she   Can share with us some perspective is she worried 
about grayscale or digital currency groups do you   Worry at all about as you buy into grayscale Cafe 
the whole world of the digital currency group and   Barry silbert's Company I mean the various 
connections that kind of go back to FTX are   You at all worried about a liquidation or anything 
well we know that the grayscale investment trusts   Are the most valuable part of that company right 
now they're cash cows they're Revenue generating   We think they're going to try and hold on to that 
so we're looking at a 41 discount relative to   Bitcoin today and so we actually think there's a 
lot of upside now one of the things that we know   That grayscale and Michael sonnenchyme at grade 
scale wanted was to convert this trust into an   ETF right I think what's happened with a Fallout 
here might increase the probability that a Bitcoin   ETF will be approved I'm not saying immediately 
but we know that even the newest SEC commissioner   Jaime lizaraga I think is his name has come 
out and said we need as Regulators to focus   On decentralization and transparency what is 
the most decentralized and transparent crypto   Asset in the world it is Bitcoin and yet retail 
investors do not have easy access through a   Liquid asset like an ETF which honestly I don't 
understand given that they approved a Bitcoin   Futures right and fund so you know I think it 
might increase the odds we shall see make sure  

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for us in every category where we are nominated   Now the million dollar question Kathy Wood you 
once said you think Bitcoin will hit one million   Dollars by 2030. do you still think that so then 
I'm assuming Kathy that you're going to hold to   Your Bitcoin forecast for what is it a million 
per coin by 2030 that still feels good to you   Yes and you can um you know sometimes you need to 
battle test you need to go through crises to see   Who the real to see the survivors first of all but 
really to test battle test the infrastructure and   The thesis and again we think Bitcoin is coming 
out of this smelling like a rose because of what   I have mentioned previously and I do think 
though the one thing that will be delayed is   Perhaps institutions stepping back and just saying 
okay do we really understand this and once they   Actually do the homework and see what's happened 
here I think they might be more comfortable   Moving into into Bitcoin and perhaps ether as 
a first stop because they'll understand it more