Ark's Cathie Wood On Trump's Memecoin Moment

Memecoins are cryptocurrencies that begin with an internet meme or a joke. Speculative and volatile, they are held up by skeptics as proof that crypto will never compete with traditional finance.  So when Donald Trump and his family launched two memecoins to mark his return to the White House, some crypto executives suggested it would do their industry more harm than good.  Trump has promised to be a “pro-Bitcoin president,” in a reference to the most successful cryptocurrency. The crypto industry poured money into his re-election campaign in the hope that he’ll end a regulatory crackdown that’s held back investment in the asset class.  Ark Invest CEO and CIO Cathie Wood discusses the "memecoin moment" Trump's coin is a part of, and says she thinks the coin has "little utility". She speaks with hosts Scarlet Fu, Katie Greifeld and Eric Balchunas on Bloomberg TV and Radio. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake