Cathie Wood Says Most Memecoins Will End Up ‘Worthless’

Most of the so-called memecoins that are flooding the $2.6 trillion cryptocurrency space will probably end up “worthless,” according to Cathie Wood.

The combination of blockchain technology and artificial intelligence is creating “millions” of meme cryptocurrencies that “are not going to be worth very much,” the ARK Investment Managment LLC founder and CEO told Bloomberg Television on Tuesday, adding that her private funds are not putting money into these coins.

Memecoins are a type of digital asset often inspired by jokes, current events or trends in popular culture. In February, the US Securities and Exchange Commission said memecoins are ...