Ark Invest CEO Cathie Wood said in a statement. cryptocurrencies He said that it was first created with the aim of removing the old institutions and banks are finally starting to be affected by the situation.
“DeFi Technology Could Threaten the Banking World”
Known for his high risk and high reward strategy, Wood told CNBC:
“Investor interest in decentralized finance (DeFi) and its applications could threaten the traditional banking world. When it comes to loans on DeFi, there is a market share shift.
Banks have a big problem. They’re losing their talent to the crypto industry, so they need to raise salaries to attract new talent. In addition, they are losing their business to DeFi. There are great developments in DeFi in the areas of credit and savings.”
The concept of decentralized finance (DeFi) encompasses a large number of financial products and services built on blockchains and interpersonal.
DeFi platforms aim to eliminate traditional institutions that have historically provided access to financial services.
The Attitude Of Political Institutions To Cryptocurrencies Has Changed
Wood also said that political institutions are another area that has a more positive approach to cryptocurrencies:
“Today, crypto industry We’re seeing a 180-degree different response from what we saw a year ago.”
Wood also spoke about the change of US Treasury Secretary Janet Yellen, who previously expressed her concerns about the crypto money industry, criticizing the effects of these assets on the environment and their use in illegal activities:
“I was asked for my comment on Yellen’s previous statements, and I simply replied that she had not adequately researched these new technologies, nor did she research the tools of this new asset class. Now he seems to have learned his lesson.”
*Not investment advice.