Cathie Wood, the founder of asset management firm Ark Invest, warned investors Tuesday that most meme coins won’t have high worth in the future and “fearsome declines” could be expected.
What happened: During an interview with Bloomberg Podcasts, Wood doubted the sustainability of several new meme coins that have sprung up recently.
“Most of them are not going to be worth very much. We think there are just going to be a few crypto assets that will gain most of the spoils in the entire ecosystem,” the seasoned investor said.