저자: CathieWood · 외국인
요약 보기
캐시 우드는 비트코인을 규칙 기반 글로벌 통화 시스템으로 보며 장기 보유를 강조. 스테이블코인(USDT·USDC, 90% 점유)이 중개인을 제거해 DeFi 수익률(USDC 대출 10.4%)을 제공한다고 주장. 이더리움·솔라나를 DeFi 인프라로 평가하고 ARK가 보유 중이라고 밝힘. 금은 지정학적 리스크 영향으로 보며 금속/금 비율 하락에 우려 표명. 비트코인이 디지털 세대의 안전자산으로 부상한다고 전망.
다듬은 글
All of those middlemen in in the traditional financial world are there to lower risk, the risk of a transaction to the various financial institutions participating. . But while Bitcoin dominates the monetary side of crypto, Cathie Wood highlights the rise of stable coins as one of the most surprising developments in recent years.
Stable coins like Tether, USDT, and Circle's USDC now account for nearly 90% of the stable coin market. These tokens are pegged to the US dollar and are typically collateralized by US Treasury securities. Why do they matter? Because they allow savers to earn yields in decentralized finance while bypassing traditional banks.
For example, just recently Coinbase introduced a lending product for USDC holders, offering yields as high as 10.4%. Think about that. In a world where most savings accounts barely yield anything, DeFi offers double-digit returns. For Cathie Wood, this is transformational. It gives savers better yields while opening doors for borrowers who traditional banks often ignore.
or crypto or supposed cryptocurrencies. We don't think they're going to be very many cryptocurrencies. In fact, um there's cryptocurrencies and then crypto assets. Bitcoin owns the cryptocurrency space when it comes to pure crypto. And now we have stable coins, uh which are cryptocurrencies as well, uh but they are tied to the dollar uh because they're collateralized primarily by Treasury securities.
Uh so, Bitcoin is the cryptocurrency. We think it's going to be uh the biggest one by far by far. Now it's focused on it's a monetary system rules based. The rule is quantity theory of money. So 21 million units, that's where it's stopping and we're at about 20 million units right now. So that's quantity theory.
Stablecoins are based as I mentioned before on the dollar. And if you can find a way to use those stablecoins which you can in the decentralized finance in DeFi decentralized financial services, you can earn money. You can earn money from your stablecoins. Just this last week Coinbase introduced a product allowing holders of USDC who do not get the interest payments.
They're not allowed to by regulation. But they're allowed to lend their or to loan their USDC in the DeFi ecosystem and they can earn as of last week 10.4%. There are two major stablecoins today. Tether is primarily outside the United States and outside Europe now after MiCA or do you call it MiCA or MiCA?
Either. I don't know. Okay, the regulation. So it dominates. The The two have 90% of the market. Circle is "more regulatory compliant" certainly in the United States. And and there is a euro version of USDC in in Europe. Which has not taken off. So those are the big two. Now why would we in the developed world you understand the the emerging world and we thought Bitcoin was going to serve that that role.
So stablecoins coming along has taken some share from Bitcoin, which we didn't expect when we did our original analysis. Uh so, in in this world, what we're doing is taking the middlemen out of financial services. And what are the middlemen? You know, incorrectly or in a not fair way, I used to say, you know, these are the toll takers.
You know, it almost sounded nefarious, which it's not. Uh all of those middlemen in in the traditional financial world are there to lower risk, the risk of a transaction to the various financial institutions participating. Uh when we move into the world of blockchain technology, it's peer-to-peer. The middlemen go away.
So, the way I like uh to describe it in a way that's more understandable, you know, for credit cards, uh it's automatic 2.5% tax on each transaction. Again, function of middlemen. Um that doesn't have to be anymore. We will and and the tax will be anywhere from 2.5% or 2% to 4% in the developed world or 25% if you're doing um uh remittances in the developed world, like say in Nigeria.
All of that flattens out and goes to fee-based to the blockchains, which will drop to 1% or less. All of this is going to happen over time. I mean, yes, if you're just if you're operating in the world of uh of just crypto, just uh I just gave an example of uh USDC, a person saying, "Hey, personally, I can lend that out uh for a 10.4% rate.
I'm not going to get that anywhere else. So, that's one side of it. Uh and and and that's kind of a a saving rate. And the those who are borrowing at 10.4% could never get that rate. They're too small. The banks won't have anything to do with them. So, that's the other thing that's happening because of decent DeFi.
It is those who could not get loans or the loans would be prohibitively expensive, now can. And savers, on the other hand, who are loaning the money out, they get a much better yield on their savings. And but obviously take a bigger risk than placing that risk. in in a bank or But but these are transparent ecosystems.
And you know, many loans are over collateralized. And so, and we learned this during during Three Arrows and Luna and that whole meltdown, anyone who was on chain, their collateral collateral was wiped out right away. Meaning the financial institutions got their money back. If you were in the opaque and very centralized FTX ecosystem, you lost all your money.
So, it actually was safer to be on chain than to be at FTX, which of course was a fraudulent company. While Bitcoin dominates the monetary side of crypto, Cathie Wood acknowledges that Ethereum and Solana are essential in powering the DeFi ecosystem. Ethereum, ETH, the backbone of decentralized finance.
It's layer one blockchain is the foundation for countless applications. And though expensive at times, it has never been hacked. With the rise of layer two scaling solutions like Coinbase's base or Robinhood's upcoming platform, Ethereum's role as the financial infrastructure of the future looks solid.
Solana. Once doubted, Solana has proven its speed, scalability, and ecosystem growth. Wood points out that Solana has earned its place with the big boys. Ark Invest is already backing Solana through partnerships and treasury investments. New players. She also notes up-and-coming networks like Hyperliquid, which reminder of Solana in its early days.
These platforms are testing new financial models, and some may emerge as critical players in the future. Bitcoin serves three roles. And yes, and we would differ with um I know you get on very well with Tom. Is that fair? We do. We do. Yes. Yes. Uh so, the three roles. Bitcoin, as I mentioned, is the global monetary system.
Rules-based quantity rule, to be sure. Uh and that alone is a very big idea. It is also a technology. So, uh layer one blockchain technology, never been hacked. The other blockchains cannot say that. Right? Uh and and so, that's why the monetary system is is based on it. Uh and it is the first of its kind in a new asset class.
We We wrote our first white paper on that in 2016. Uh so, a new asset class. Uh so, it's it's got three very important attributes to it. I do think uh that Ethereum is playing a very important role, and therefore ether, uh the the the native currency, in the DeFi ecosystem. Uh a lot of the fees are going to the layer twos.
Robinhood, for example, announced that it was going to start its own layer two, like Coinbase has. It's called Base. Uh, they get a disproportionate amount of the fees. Now, the question is, are there going to be so many layer twos out there that, um, they're going to start competing against one another and confer more importance to the layer one?
Uh, that is a possibility and that is why we're invested in Ether and we do think it powers the DeFi world. Uh, but I think these competing interests are are maybe something, uh, that Tom and I can debate a little bit. In our public funds, these trades are public, so I can I can tell you our exposures are Bitcoin, Ether.
We were finally able to get an acceptable, from a regulator's point of view, uh, way to play Ether and we chose Bitmain immersion. And in the, um, and then Solana is the third one and and we can talk about that as well in terms of its role. Uh, that one, uh, is through, well, it's Beracha Sports and everybody thinks I I or ARK just bought bought a bunch of sports teams, which we did not.
Uh, this is the company, uh, into which Soul Mate, uh, is a Solana treasure is being folded and supported by, uh, the UAE, uh, Middle Eastern and my mentor, uh, our advisor and my friend Art Laffer is on the board of that one. Uh, so so that's been very interesting. So those are the big three. Hyperliquid is the new kid on the block and, uh, we're waiting to see how how that all plays out.
It's it's exciting. It reminds me of Solana in in the earlier days and Solana has proven its worth and is you know there with the big boys. So those those we think are and then of course there are other services of a like money market fund and Uniswap and and a few like that Gido which is related to the the Solana ecosystem.
So we will play certain derivatives but if you're talking about the the big boys or girls those those those are the big three right now. Always take the performance of gold seriously. Typically it is a harbinger of inflation. I don't think that's the case this time. We monitor something called the metals to gold index.
So metal prices to gold prices. That has dropped below 0809 levels and it's got me actually worried about okay what is going on out there. It could be related to China and they're still going through a deflationary unwind of the property the property speculation there. I think what's happening with gold this time around is geopolitical risk and you'll notice on Friday night all of the chaos around H B1 visas right?
And I think that uncertainty that's like oh my gosh all of the you know the foreign students were you know from India and China and their parents and everything looking at this saying what what is going on and personally I think it's just a negotiation with India that's going on and this will all be fine because we don't want to lose the best and the brightest from anywhere around the world despite what what you hear the rhetoric or you hear right now.
So I think that's all going to change. But it doesn't matter The headlines are blaring and and people are saying, "Okay, what do I do?" And you know, people with a lot of wealth, so maybe older generation are maybe, you know, shifting some into gold. They're not probably putting it into into the digital asset world.
So, what's Cathie Wood's big picture vision? Bitcoin is the undisputed king of cryptocurrencies, a rules-based global monetary system unlike anything we've seen before. Stablecoins are reshaping financial services by cutting out the middleman, lowering fees, and expanding access to both savers and borrowers.
Ethereum and Solana power the DeFi revolution, creating the financial infrastructure of tomorrow. Blockchain technology is proving safer and more transparent than centralized intermediaries. And while gold continues to play a role, especially in times of geopolitical turmoil, Bitcoin is increasingly becoming the preferred safe haven for a digital-first generation. & one.
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