Aniket PujariInfluencial American investor Cathie Wood, the founder and CEO of ARK Investment Management (ARK Invest) believes that a majority of memecoins circulating in the $2.6 trillion worth cryptocurrency market, will likely be “worthless”, Bloomberg reported.
Speaking to Bloomberg TV on March 18, Cathie Wood said that the influx of blockchain technology and artificial intelligence (AI) has facilitated “millions” of memecoins that “are not going to be worth much”.
Memecoins are a type of crypto tokens inspired by jokes, current events or popular culture. One example is billionaire Elon Musk‘s favoured Dogecoin and US President Donald Trump’s self named token.
What Does Cathie Wood Advice Investors on Crypto?
The report further noted that Cathie Wood said that her private funds are not keen on such coins, and adviced: “If I have one message for those listening who are buying memecoins: buyer beware. 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.”
She added, “Memecoins will become digital collectors’ items. Some will withstand the judgment of time (but most wont).”
On established digital crypto assets such as Bitcoin and Ether, Cathie Wood was bullish. “The use cases for Bitcoin, Ether and Solana are multiplying and will become important in the future,” she said.
Among Cathie Wood’s prediction for Bitcoin is the belief that the world’s biggest cryptocurreny will surpass $1 million by 2030.
Bitcoin Price Today — Crypto Market Update on March 19, 2025
As of 1.50 pm on March 19, Bitcoin is at $83,355.43 apiece, up 0.28 per cent from the previous day, according to data on CoinMarketCap. Market capitalisation of the token was at $1.65 trillion with trading volume of $23.16 billion.
Second biggest coin Ether, was at $1,937.82, up 1.80 per cent day-on-day, with market cap of $233.75 billion and trade volume of $10.61 billion, the CoinMarketCap data showed.
According to CoinSwitch Markets desk, Bitcoin failed another attempt to break above the $85,000 resistance level, shedding 0.7 per cent in the past 24 hours. The price dropped to a low of $81,207 before recovering just over $83,000.
Overall, Bitcoin remains below its 50-day Exponential Moving Average (EMA), while the RSI indicates neutral momentum. Meanwhile, Tokyo Stock Exchange-listed company Metaplanet Inc. has acquired an additional 150 BTC as part of its Bitcoin Treasury strategy, bringing its total holdings to 3,200 BTC.
(With inputs from Bloomberg)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
