Why Cathie Wood Trusts Crypto Despite FTX Collapse

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결론: 캐시 우드는 FTX 붕괴에도 암호화폐 인프라(비트코인·이더리움)는 건재하며 시장 공포가 과도하다고 보고, 장기적으로 DeFi와 암호화폐 생태계 성장을 낙관한다. 블록체인 인프라: 비트코인 해시레이트가 사상 최고치이고, 이더리움 스테이킹 총액도 240억 달러로 사상 최고다. 기술 인프라는 이번 위기 동안 흔들리지 않았다고 평가한다. 코인베이스: 규제를 받는 온쇼어 기업으로, CEO와 CFO가 규제 명확화를 주도하고 있다. FTX라는 큰 경쟁자가 사라져 코인베이스가 강하게 올라올 것으로 본다. 다만 FTX 붕괴 후 코인베이스 주가가 오르지 않은 점은 시장 우려를 반영한다고 인정한다. 시장 우려에 대한 관점: 이는 공포이지 근거 있는 우려가 아니라고 주장한다. 암호화폐 생태계 전체 규모는 약 8000억 달러로 애플 시가총액의 약 3분의 1 수준이다. 리먼 사태(청구액 1.2조 달러), 매도프 사기(640억 달러)와 비교하면 FTX 청구액은 50~100억 달러로 시스템 리스크 규모가 아니라고 본다. 이번 사건은 사기로 규정한다. DeFi 전망: 비트코인은 정부 통제에서 벗어난 최초의 글로벌 민간 규칙 기반 통화 시스템이며, DeFi는 금융 중개자를 제거하고 상대방 위험을 줄여 성장할 것이라 본다. 거래소 간 자금 이동은 있겠지만 DeFi 확산은 계속될 것이라고 전망한다. 리스크: 규제 불확실성과 거래소 신뢰 훼손이 단기 변동성을 키울 수 있으나, 발언에서 구체적 가격 목표나 기간은 제시되지 않았다.

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01. why should investors trust crypto why do you trust crypto at this point yes if you look at the the blockchains let's use uh uh the Bitcoin blockchain and ethereum what you'll find is they have the infrastructure the technology has not skipped a beat uh throughout this entire crisis in fact the hash rate uh bitcoin's hash rate is at an all-time high and that is a real indication of the security of the network uh on ethereum we're seeing uh the total value staked at 24 billion that is an all-time high so we think the infrastructure is working beautifully as far as coinbase this is an onshore uh regulated uh company and wanting to help shape regulations Brian Armstrong the CEO and Alicia CFO have been leaning in and into what's going on right now and saying okay Regulators we need more clarity in order to protect uh to protect investors those who wanted to uh get involved with a certain types of crypto were forced offshore and uh look at what's happened so I I think that coinbase is going to come out here uh looking very very strong it just lost a very big competitor in FTX well what is the market missing though because you know that could be one narrative Kathy but at the same time we haven't exactly seen shares of coinbase rally since FTX has collapsed do you think to you that represents potentially broader concern about just people's interest in crypto following ftx's collapse no I think it's more fear I think uh many people say we don't know what we don't know uh and uh so what we do is we step back uh you know put a little perspective into the situation here and what do we have uh so the entire crypto asset ecosystem is an 800 billion dollar ecosystem apple is three times larger in terms of market cap so that's some perspective many people are saying well okay is this another Lehman could this be uh you know could 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 uh right now we have it seems from FDX uh five to ten billion dollars uh in creditors uh if as uh as FDX 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 I know that uh crypto assets are you know they attract a lot of attention this is um you know the the the the three revolutions we talk about all the time you know a 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 uh while that has been uh thrown into question in terms of you know shifting from uh one exchange to another uh we've had a lot of Shifting around but I think 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