ARK Invest CEO and CIO, Cathie Wood, recently expressed skepticism about the usefulness of TRUMP meme coin, a new cryptocurrency associated with US President Donald Trump.
In an interview with Bloomberg TV, Wood said her company generally avoids investing in Meme Coins.
Cathie Wood Calls TRUMP Coin Part of the “Meme Coin Wave”
Wood compared the 2017 ICO movement, which started with CryptoKitties, and the TRUMP settlement as part of the current “meme coin wave.” However, according to her, TRUMP’s usefulness is still unclear.
“So far, we don’t know much about the usefulness of this Token, except that it is a meme representing President Trump,” Wood admit.
She also addressed the speculation surrounding the meme coin, saying that one of its rumored features is the opportunity to meet the President. However, Wood expressed skepticism about the veracity of such claims.
“I think he’s launching the next phase of the cryptocurrency revolution,” she added.
When asked about investing in Trump coin or other meme coins, the CEO clarified that ARK Invest largely stays away from Meme Coin coins, instead focusing on cryptocurrencies that have usefulness and significant potential. tell.
She highlighted Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as ARK Invest’s main focuses, with Bitcoin playing a key role in one of their largest Bitcoin ETFs, ARKB.
Wood also emphasized that Ethereum and Solana play an important role in private funds thanks to their role in supporting DeFi services, commonly known as DeFi, which she believes will drive significant innovation in cryptocurrency space.
“Those are the three major coins that we trust,” the CEO commented.
However, TRUMP has also gained significant traction in the market, despite being a new entrant. With a market capitalization of $7.42 billion, it ranks 29th on the cryptocurrency list and is the 3rd largest meme coin by market capitalization.
This rapid rise has attracted attention from institutions. Rex Shares, for example, has applied to establish meme coin ETFs that include TRUMP alongside other meme tokens such as BONK and DOGE.
Interestingly, President Trump admitted that he knew very little about the TRUMP meme coin. During a recent White House press conference, he admitted he was unfamiliar with the cryptocurrency that bears his name.
Meanwhile, TRUMP is not the President’s only project in the field of cryptocurrency. In 2024, he also launched World Liberty Financial (WLF), a DeFi (DeFi) solution.
However, his involvement in the cryptocurrency space has received significant scrutiny. Notably, US Representative Gerald Connolly has called for an investigation into Trump’s financial ties to cryptocurrency operations, including World Liberty Financial.