Ark investment management chairman Cathie Wood believes in the decentralization and transparency of Bitcoin BTC/USD make it unsuitable in the eyes of the former FTX chairman Sam Bankman Fried.

What happened: Wood took to Twitter on Saturday to deliver a scathing critique of the FTX saga. “The bitcoin blockchain has not missed a beat during the crisis caused by opaque centralized actors. No wonder Sam Bankman Fried Bitcoin didn’t like it: It’s transparent and decentralized. He couldn’t control it.”

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Wood provided a link to her firm’s report on Bitcoin, stating, “Despite the market volatility surrounding FTX’s demise, long-term holder supply — or supply that last moved 155 days or more ago — closed in the Month unchanged November. We believe this data point is indicative of the holders’ long-term focus and high conviction, despite recent events. Today, long-term holder supply accounts for 72% of Bitcoin’s total circulating supply.”

Wood told Bloomberg in November that BTC “smells like a rose.” Reaffirmed price target of $1 million for the Apex crypto by 2030.

ARK has notably increased its ties to crypto companies impacted by FTX greyscalea company within the Digital Currency Group (DCG) empire, by increasing its investment in the Grayscale Bitcoin Trust Conditions.

On November 21, Wood’s Ark recorded a purchase of over 177,000 GBTC shares.

price action: At the time of writing, BTC is trading at $16,938, down 1.23% over the past 24 hours. according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum, Dogecoin Fall as Focus Turns to Fed Meeting: Analyst Says Apex Crypto Could “Make a Run” at $18K If Happens