Cathie Wood: Trump Coin Is a 'Meme Coin Moment' Akin to 2017 ICO Boom, ARK Focuses on BTC, ETH and SOL

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.

Ark Invest’s Cathie Wood Chimes In On Trump Coin, Highlights ARK’s Crypto Focus. Cathie Wood, the CEO of Ark Invest, shared her thoughts on the recent launch of Trump Coin (TRUMP) and the broader crypto market during an interview on Thursday.

Here's a summary of her key points:

On Trump Coin: Wood categorized it as part of the ongoing "meme coin moment," which she likened to the 2017 ICO boom, where speculative projects like CryptoKitties made headlines. She speculated that Trump Coin might offer perks like meeting Donald Trump, but no confirmed utility has been established for the coin.

ARK's Crypto Focus: She highlighted that ARK steers clear of meme coins and instead focuses on the "big three" cryptocurrencies with robust ecosystems and utility—Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Wood sees decentralized finance (DeFi), which is 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.

Trump's Impact on Crypto: Wood acknowledged 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, as a strong indication of his administration's commitment to advancing the crypto industry. She sees these developments as part of a broader effort to regulate digital assets in a way that promotes innovation while ensuring compliance.

Cathie Wood Cathie Wood, the founder, CEO, and CIO of ARK Invest, is known for her bullish views on disruptive technologies, particularly in the realm of finance and innovation. Her investment firm, ARK, manages several exchange-traded funds (ETFs) that focus on themes like genomics, fintech, and space exploration. Wood's insights and commentary on the crypto industry, given her significant presence in the financial world, often garner attention among market participants.

ARK's flagship ETF, ARKK, holds shares of companies like Tesla, Zoom, and Coinbase, among others, and its performance is closely watched by investors. Her recent comments on Trump Coin and ARK's crypto investment strategy provide further insight into her perspective on the digital asset market.

As of Thursday evening, Trump Coin was trading down 8.3% over the past 24 hours at $0.000660 with a total trading volume that had surged by 263% to $10.86 million. BTC was trading at $42,900 and ETH at $3,100, both showing gains of less than 1% over the past 24 hours.