Most memecoins will likely become worthless, warns Wood

Cathie Wood, the CEO of Ark Investment, believes that most memecoins will become worthless in the future. She spoke about this during an interview with Bloomberg Television on Tuesday. Wood explained that the rise of blockchain technology and artificial intelligence is leading to the creation of many new meme cryptocurrencies. However, she cautioned that these coins will likely not hold much value. Her private funds are not investing in these digital tokens. Memecoins are digital assets inspired by jokes or trends in popular culture. Recently, the US Securities and Exchange Commission (SEC) announced that memecoins are not classified as securities, meaning they will not be regulated. Wood advised potential buyers to be careful. She said that losing money may help people realize the risks involved, especially since the SEC and other regulators are not overseeing these types of cryptocurrencies.