Cathie Wood repeats her $1 million Bitcoin bet

Despite the FTX meltdown and the subsequent downturn in the cryptocurrency market, the founder and CEO of Ark Invest – Cathie Wood – stands by her prediction that bitcoin will skyrocket to $1 million by 2030.

She also seems unfazed by the price crash of Grayscale’s Bitcoin Trust (GBTC) since her company bought another 176,945 shares.

BTC Bull regardless of reality

The shocking collapse of crypto exchange FTX compounded the problems in the crypto sector and evaporated much of the investor interest. Even the most optimistic industry players believe it will take a long time for the market to recover, while others do not see it happening at all.

Ark Invest’s Cathie Wood is not among that club. In a recent interview for Bloomberg, she doubled down on the forecast that bitcoin is headed for $1 million per coin. In her view, such setbacks can be useful as they show which are the worthwhile projects:

“Sometimes you have to go through a crisis to see the survivors. Bitcoin comes out of this smelling like a rose.”

Wood believes the only downside to the accident is the reduced interest from large institutions. However, she believes they will soon realize the benefits of the primary cryptocurrency and embrace it. Enthusiasm for BTC should return in the next couple of years, which means it will reach its milestone by 2030, Ark Invest’s manager concluded.

She is also optimistic about ether, saying it could be subject to mass institutional adoption in the coming years.

This is not the first time Wood has set such an ambitious price target for bitcoin. She joined Michael Saylor in April to predict that the asset will eventually achieve that milestone.

Ark Invest increases exposure to GBTC

The valuation of GBTC’s shares has dropped significantly due to the ongoing crypto winter. They are currently trading at around $8.40, down 27% compared to last month’s figure.

Nonetheless, Ark Invest continues to expand its holdings and recently purchased more than 176,000 shares worth approximately $1.5 million. A week ago, the unit bought another $273,000 worth of shares. This came as a surprise since it occurred amid severe market turbulence caused by FTX’s disaster.

Grayscale’s GBTC is currently trading at a 42.7% discount to BTC spot prices. It posted the biggest discount in the fund’s history on November 18, when the figure reached 45%.

GBTC is the largest bitcoin fund and manages over 635,000 BTC. As you type these lines, the amount equates to almost $10.5 billion.