Bitcoin Will Explode Over 5,900%, Come Out of Bear Market ‘Smelling Like a Rose’: ARK Invest’s Cathie Wood
The founder and CEO of investment company ARK Invest is doubling down on his prediction that Bitcoin (BTC) will reach a seven-figure price by 2030.
In response to a question during an interview with Bloomberg about whether she still stands by the forecast that Bitcoin will reach $1 million in eight years, ARK Invest CEO Cathie Wood says she is.
While he says Bitcoin will come out of the market downturn “smelling like a rose,” Wood says institutional investors will be more comfortable putting money into flagship cryptoassets and Ethereum (ETH) once they better understand them.
“We think Bitcoin will come out of this smelling like a rose because of what I’ve mentioned before. And I think the one thing that’s going to be delayed though is maybe institutions pulling back and just saying ‘okay, do we really understand this?” And when they actually do their homework and see what’s happened here, I think they might be more comfortable moving into Bitcoin. And maybe Ether as a first stop.”
Bitcoin is trading at $16,556 at the time of writing and would need to appreciate by about 5,940% to reach Wood’s prediction.
According to the ARK Invest CEO, Bitcoin and Ethereum have proven resilient and capable in the face of the crisis caused by the recent collapse of crypto exchange giant FTX.
“If you look at the blockchains … let’s use the Bitcoin blockchain and Ethereum. What you find is that they have the infrastructure, the technology has not skipped a beat throughout this crisis. In fact, Bitcoin’s hash rate is at an all-time high high, and it is a real indication of the security of the network.
On Ethereum, we see the total value of 24 billion dollars. That’s an all-time high. So we think the infrastructure is working well.”
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