Cathie Wood Bitcoin – Everyone IS GETTING IT WRONG! (Crypto News)
Why dont you do something about that? Why dont you get a little disruptive, because you know what happened to the financial world? Is it started looking backwards because of the tech and telecom crash, and then the 0809 meltdown, and this just everyone froze and business risk career risk, were the top topics of conversation instead of looking to the future for opportunity, everyone was trying to protect their businesses and Jobs and we were doing the opposite on my team and we became more and more odd and really not welcome, because we were too volatile, and so i just said okay, i could never do what im doing now in the traditional financial world. I could never do it. Uh compliance departments would never allow an analyst or a portfolio manager to say anything about their portfolios or their research to to the outside world right thats, a big problem, but the bigger problem is they stopped investing in the future and became benchmark, sensitive and invested. As close to their benchmarks, a little out of return, a little extra return, that was what they called investing and i just think they lost the plot thats, not investing thats quant, a quant game which theyre all going to lose. I think, and i think what were trying to do is say look if we are going to remain competitive in the world we have. We are the most innovative nation in the world. Uh lets not lose that and lets not let the financial markets uh deter innovators from innovating thats.
What was beginning to happen, and so i said well lets see what we can do about this, and so i devoted the firm to innovation, nothing so such a relief. I dont have to worry about general mills or you know or clorox, or you know or burlington northern. I think buffett might own that or i dont know, but anyway i dont have to worry about those stocks anymore. I can just its such a joy. Such a luxury in our business to be able to focus on innovation when i started uh when i was trying to explain to someone why i wanted to start this company, he wasnt in our business, and i was just trying to say, okay, you know somethings gone Wrong – and he said – oh, i get it so the future of investing is investing in the future. Well, yes, so, yes, he got it right away because its so obvious um – and it is very interesting that you know we dont have very many copycats. Yet i expected i expected it. We have coffee cats in terms of we have a lot of detractors. Oh many detractors, even though you you break down exactly what you guys are doing and what your plan is, and you still have all these haters. Oh lots of haters, but you know thats how we know were not in a bubble. The haters are very much in the traditional financial right because theyre mad theyre not earning those sick gains.
You are yeah. Well, you know we have a five year, investment time horizon. So we are, we try not to say, okay were doing this well or this falling at any given time, but we know if were right on these technologies, and i think our research is the best on innovation in the financial markets in the world. I really do believe that um and were continuing to invest more and more in it and to pull away um, but i, i really do believe what we say were were going to drive superior returns, that will change peoples, lives and the reason people uh. You know often come up to me and theyre very young, many of them they come up to me and they say you help me pay for my education or you help my help me put my kids through school or something like that. Theres, nothing uh more meaningful to me to hear that, whereas i dont think other uh thats, the right thing to do were all here to serve one another. That is my philosophy. Bitcoin. You were one of the early pioneers in digging in deep early on what gave you the confidence there. What did you see there that hardly anybody else saw todays video was sponsored by primex bt. Primex bt is a one stock shop trading platform that supports trading cryptocurrencies. Most major stock indices, commodities and foreign currencies, one of the major features of the platform is prime xbt.
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Well, it really started in 2011, when we were when i was at the linus bernstein. My director of research came from the lance mercy and uh. He was an analyst at the time and uh in 2011. He started talking crypto this bitcoin that and it was like and every meeting he would bring it in and he was kind of a shy guy, and so i thought and very smart, really smart mit engineer by training kind of um. You know hes geeky, like im geeky in a way hes geekier, and i just thought and when we got to when we first got when we i i founded arc, he was the first person i asked to join uh and i said: okay weve got the four Platforms we had them and, and one of them was next generation uh. That was a platform, so the others are dna, sequencing, robotics, energy storage, art energy storage and then next generation in internet back then, and as we began to learn more about now, we had the freedom to do this because we were away from the traditional world could Use our own resources to do this, learn more and um my economics, professor art laffer. I dont know if any of you know his name, laffer supply side, economics um, he i i took uh. I said our. We want to write a white paper about this bitcoin and we wanted to see if it could serve the three rolls of money.
Would you collaborate with us and he had never done this with any one before, but ive been very close to him over the years? He tore our paper apart uh to smithereens actually and and had it edited it heavily meaning with. I could i want to ask questions im not gon na im, not gon na prove this until you answered that, and so we really knew our stuff about bitcoin. In terms of the three rolls of money he wouldnt sign off on the network security part of the paper, so that became a separate paper. But in the middle of doing that chris burniske, you know chris verniski uh was our first crypto analyst fell down the rabbit, hole and um. Before i go into that. So the the next generation internet became artificial intelligence and blockchain technology, which i think are going to converge, im sure youre, seeing all kinds of signs by the way when i first said that at a meet up, it was an investment meetup of a vc firm, focused On on crypto, when i first said that uh, no, i just heard live pier, is that the one left here yeah, i heard the ceo talk and i said wow. This is like whack a mole. What youre doing you need a i in here, so i i said that, and i think thats happening, though right yeah, its growing its starting to show science yeah, which is very exciting because were seeing convergences between and among all of our technologies.
So remember, i said earlier all of our animals, no matter what what what theyre focused on on those five platforms, uh everyones, trying to figure out how theyre going to converge – and you know ai – is going to be a part of all of them.