CATHIE WOOD SPEAKS WITH US AT THE 2022 NAMMASS MOVEMENT FESTIVAL IN LOS ANGELES
As the cryptocurrency space enters uncharted waters, one of its biggest names is a keen believer in it. Cathie Wood says she sees bitcoin hitting $1 million sometime between 2028 and 2030 with the current global crisis and inflation having pushed up prices – but she believes there’s nothing stopping another big wave from happening soon.
Speaking to me this week for our exclusive interview series about people making waves, Cathie talked about her new book “Why You Shouldn’t Be Worried” as well as what we’re all doing to make money while the world around us has been shaken by COVID-19. We had an opportunity to catch up with the woman who’s always kept readers guessing by revealing unexpected insights on life, art, music, business…and more.
Q. Why do you think blockchain technology can solve problems? When you write that your book “Why You Shouldn’t Be Worried”, you reveal all sorts of things like how technology has saved many lives of course, but also revealed some things you never expected people to know until now. Can you tell us what those are?
A. I was writing on this subject when I found out there was quite a lot of misinformation about crypto in general that people didn’t want to hear…I wrote a little bit about it and then I discovered very recently something else. I had a friend, someone I knew at first, over email. I hadn’t told him right away because I didn’t want to get into any controversies…he was shocked that there was so much misinformation floating around. He said he tried to dig up information himself and ended up coming across the whole article from Forbes and said, “Cathie, you should be worried! People who are not interested in anything related to cryptocurrencies have suddenly become experts on them!” And I was like, ok well that’s interesting! Actually, I did read the article [with his permission]…and found no problem in it at all or, in fact, I thought it was the most important thing ever! But I also noticed at the end, in my mind, he mentioned everything he didn’t see. Then I thought, yeah they haven’t stopped yet! That’s the truth right there. What did you find after you were done reading this article? Did you find it surprising? If so, why? If you weren’t surprised, what would you say if you were told…or how could you guess what you would find?
A. I definitely saw that it’s totally true. It did surprise me that it was written before you came along so maybe I shouldn’t have been surprised. So I’ll share the key takeaways. I was just looking for something more specific — a reason why crypto is different than other finance or tech platforms…and that’s what got me thinking about it more specifically in terms of the topic I was writing about. Now here’s what actually happened though. You see, a couple months ago I took part in an event called WealthTech with a really unique group: individuals who had made millions of dollars. They were talking about how much of their wealth they had built up through crypto, blockchain technology — and they were going crazy about how huge it was. However, I was wondering why these guys were freaking out about ‘crypto-wealth’ — instead of giving them cash or investment, what was behind their fears? Was it just because they didn’t understand something about crypto that had only just hit mainstream media or something? Or because they hadn’t heard something that shook them out of their complacency? Whatever it may be, as far as I could tell, they felt like they were being sold by something outside their control and were trying to figure it out. So I just happened upon that thought, “Oh man, it’s pretty cool that you guys have come across this information and they don’t understand it…” And that led to this article. In fact, if you look back and go back about four years…I published three articles which did explain exactly what crypto is, what it does and how it works. All in every step of the way they used words like “cryptostep”, “Cryptocurrency”. And then just recently, two months ago, I came across some incredible pieces from various publications and websites about crypto and blockchain and I couldn’t believe what I was reading! Some great news stories — from countries like India, the United States, China, Russia or Spain — and stuff like that…the amount of information from them is jaw-dropping. They’re sharing things that literally nobody else is putting out there in the public domain…and everyone is just jumping on this train together. Every single person on Twitter said something. One guy even wrote a parody piece on the internet titled “The Truth About Crypto”. So basically, if people were getting scared and confused by this stuff before…the number of sources I found out about crypto actually exploded. So when I wrote this book, I said yes, I want to write a book on the same issue. It’s one of those topics. I wanted to dig deeper. There should be a law against misleading information that’s obviously wrong and incorrect about something…so I figured since everyone else is getting it right, it has to be legit. It turns out that people who are supposed to be “knowledgeable” and “in the know” don’t seem to care either, which is shocking to me. How can we get people to actually be concerned and look at the issues themselves? Especially in a time when everyone is feeling panicked and anxious and scared again, how can people who are known to be smart, in fact, be so ignorant? How can smart people know for sure what’s going to happen tomorrow or next and have confidence that everything will resolve itself or some other future thing? Anyway, this leads me to the conclusion. My question: if there’s a shortage of supply, don’t you see scarcity creeping into how things are being marketed and advertised? For instance, I was sitting down somewhere in France and looking at the price charts for bitcoin, ether, and ripple on Netflix. I was seeing how high it was and how low it was. And as I watched, it seemed like there was plenty of room for both: the demand is extremely high and the supply is extremely small, but it seems to be impossible to get enough of the actual supply of stuff. In fact, many companies were trying desperately to fill their shelves and their storage areas. With that in mind, I got curious to look into this. So I went back over the years…I mean what happened was amazing, huh? Not anymore, not in any other country, not anywhere! Just everywhere! It’s not just the USA, it’s Europe! Even Canada, Australia, Japan! So this led back to the original point, that people don’t understand what’s happening around them and that’s why they are asking questions. Let me give you a quick example. An airline company decided to put ads on TV…it featured a beautiful girl flying down the sky with a kite and saying “Hi world!” Oh, here’s the kicker: The ads were meant to highlight the beauty of travelling, of travel. But then when the show ended and viewers started reporting that most of the commercials were just full of advertising for luxury goods, the ad department began to worry. The boss of marketing started to panic and he called my team, crying hysterically, wondering why he hasn’t seen such beautiful women on TV before. Well, his dream team looked at the data and asked what he was complaining about. It turned out, the commercial just used too long a break right after showing a lovely girl. Instead of taking advantage of the moment, the people running the ad department had simply forgotten that they were supposed to be selling luxury goods, not images of women flying like butterflies. Another story about something similar: I was watching TV with my brother earlier today. Once again, I had just been home to watch the morning news, but this time I was watching sports channels. And the guy that owned ESPN (which airs games for thousands of stations and networks) is responsible for airing hundreds of shows weekly just in case of breaking news. His goal is for the main networks to air the most popular baseball, football, basketball and boxing games. Basically, whatever has caught everyone’s attention — whether it’s bad weather, floods, shootings, riots — gets shown and aired. This is the guy with the job of promoting all this crap. Unfortunately, for him, all his favorite teams were winning…and he had to run advertisements. Apparently, ESPN ran out of advertisers because during the day, they couldn’t get anyone to watch all these games on TV. Because he couldn’t generate enough interest, ESPN decided to stop airing any of the games, leaving everyone disappointed. To be fair, there were still those shows when we were younger, but with the constant flow of programming, we’ve lost track of the times we last saw them. Anyway! Here are some other examples of where the fake news industry was born and how the same thing happens today: Facebook shows, LinkedIn updates, YouTube videos…the list goes on and is endless. These are real people creating the