Future

Donald Trump

President Donald Trump

Most of the memecoins flooding the US$2.6 trillion cryptocurrency market will likely end up “worthless,” according to Cathie Wood, founder and CEO of Ark Investment Management. 
Speaking to Bloomberg Television on Tuesday, Wood highlighted how the combination of blockchain technology and artificial intelligence is fueling the creation of “millions” of meme cryptocurrencies that “are not going to be worth very much.” She also made it clear that her firm’s private funds are steering clear of these types of coins. 
Memecoins—digital assets often driven by internet jokes, viral trends, or pop culture—have surged in popularity. However, in February, the US Securities and Exchange Commission (SEC) stated that memecoins are not classified as securities, meaning they remain unregulated. 
“If I have one message for those listening who are buying memecoins: buyer beware,” Wood warned. “There’s nothing like losing money for people to learn, and they’ll learn that the SEC and regulators are not taking responsibility for these memecoins.” 
Memecoins made headlines earlier this year when <a href="https://www.unlock-bc.com/136205/melania-trumps-6b-memecoin-rocks-crypto-market-outshines-trump-coin/">President Donald Trump</a> launched a digital token featuring himself just days before taking office. Although the coin initially attracted billions in trading volume, it has since suffered a sharp decline in value. 
Despite the risks, Wood suggested that some memecoins could survive as “digital collectors’ items,” adding that a few may “withstand the judgment of time,” including Trump’s own token. 
Cathie Wood also reiterated her positive stance on leading cryptocurrencies like bitcoin, ether, and solana, saying their “use cases are multiplying” and they “will become important in the future.” She has previously predicted that bitcoin could exceed US$1 million by 2030. As of now, the largest cryptocurrency by market value is trading near US$83,000, down roughly 12 per cent since the start of the year. 
The post <a href="https://www.unlock-bc.com/139254/cathie-wood-warns-most-memecoins-will-be-worthless-but-bitcoins-future-remains-bright/">Cathie Wood Warns: Most Memecoins Will Be “Worthless,” But Bitcoin’s Future Remains Bright</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Cathie Wood Warns: Most Memecoins Will Be “Worthless,” But Bitcoin’s Future Remains Bright

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