Hedge fund heavyweight Cathie Wood of ARK Invest says U.S. Treasury Secretary Janet Yellen doesn’t understand cryptocurrencies and Bitcoin.
In a new video, Wood addresses Janet Yellen’s recent assertion that Bitcoin is “extremely” energy inefficient and a hub for illicit transactions.
“Janet Yellen… has gone out of her way to telegraph how speculative Bitcoin is and how it’s not environmentally friendly or sustainable and how it helps illicit activity…
I’m not quite sure why she’s saying this. All I know is that she doesn’t understand the crypto space, and I say this with all due respect, I just don’t think it is what she does. She’s responding to a movement in price, that I understand, which has been very rapid. Think about it, I think up fivefold since the end of the third quarter. That’s pretty extreme, so I can understand her saying that.”
