The CEO of investment fund ARK Invest said that during the current banking crisis in the United States, cryptocurrencies began to be perceived not as a risky asset, but as a protective asset.

According to Cathie Wood, the blame for the collapse of Silicon Valley Bank, Signature and Silvergate lies entirely with the US Federal Reserve and the policies of other regulators. Wood criticized the Fed’s failure to prevent bank failures despite all the signs. The businesswoman said that another culprit in this banking crisis was the lack of investment capital.

“I find it strange that banks and regulators have not convinced the Fed of the reality of the impending disaster. It wasn’t cryptocurrencies that caused SVB and Signature to go bankrupt. The main reason was the policy of the Fed, the increase in rates and the lack of venture capital funding. Bank customers just took their money, ”Wood complains.

The CEO of ARK Invest notes that after the collapse of FTX, US regulators are watching closely, reacting harshly to any violations in the cryptocurrency industry. However, this does not prevent regulators from blaming cryptocurrencies for everything that happens. The industry is just being used as a scapegoat, Wood says.

Just yesterday, March 15, Wood wrote that decentralized cryptocurrencies, like bitcoin and ether, are not afraid of banking crises. On the contrary, the main digital assets continue to grow in value.