After receiving a considerable backlash in the market recently, US President Donald Trump's meme coin found an unlikely ally: Ark Investment's CEO Cathie Wood.
Cathie Wood, CEO of Ark Investment, has expressed contrasting views on US President Donald Trump's meme coin. In an interview with Bloomberg, Wood stated that the launch of Trump's meme coin could be beneficial for the crypto industry.
In her statement, Wood highlighted the role of Trump's meme coin in attracting attention to the crypto space. She described it as a "meme coin moment" that could help crypto establish itself as a legitimate digital asset class.
Furthermore, Wood compared the launch of Trump's meme coin to the initial coin offering (ICO) campaigns of 2017. During that period, numerous crypto projects raised substantial funds, leading to the creation of well-known projects such as Chainlink, EOS, and Ethereum.
However, it's important to note that Wood's statement contrasts with her earlier comments on Trump's meme coin. In January, she expressed skepticism towards the coin, stating that it lacked a real-world use case and that she personally stayed away from meme coins.
In the same Bloomberg interview, Wood mentioned a rumor that holders of Trump's meme coin may be granted the opportunity to meet the former president. However, she emphasized that this statement was purely speculative and not confirmed.
Despite her appreciation for the role of Trump's meme coin in generating interest in crypto, Wood reiterated that her company, Ark Investment, would not be investing in meme coins. She explained that Ark generally avoided meme coins due to their lack of use cases.
Instead, Wood stated that Ark Investment remained focused on the top cryptocurrencies, such as Bitcoin. In addition to Bitcoin, she highlighted Solana and Ethereum for their involvement in decentralized finance (DeFi) projects and smart contracts, which are expected to have broad applications in the future.
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