Cathie Wood, ARK Invest, Predicts Bitcoin’s Price at $500,000 – Here’s Why
Ark Invest CEO Cathie wood maintained her belief that Bitcoin would reach $500,000 by 2030 in a defensive interview.
Ark Invests’ forward-thinking chief Wood is also the tech-oriented ARKK ETF. Wood is well-known for his bold bets on biotechnology’s latest developments.
Wood predicted that Bitcoin (BTC), would reach $500k in 2030. This prediction made Wood headlines in 2020.
She doubled down when Ark Innovation ETF revealed that it had invested $62.7 million more in crypto.
This capital was used to purchase additional shares in Coinbase, Silvergate and the Grayscale Bitcoin Trust. This brave act was made a week after the collapse and disintegration of FTX.
The ARKK ETF experienced a phenomenal 150% rise in 2020. However, the market confidence in the ETF suffered a 59% drop in 2022 (worse that the S&P500).
BTC’s Bearish prediction of $500K in 2030 is $500K
After a hard year for crypto, Wood joined Andrew Sorkin’s CNBC SquawkBox to defend his bold thesis.
When Ark Innovation was asked if she stood behind her 2020 prediction, the answer was:
“Yes, we are a little higher than that for our bearish case 2030
She added, “And in our bullish cases much higher.”
This is a remarkable claim, especially in the midst a long crypto winter which has seen BTC prices fall as low as $13,350 after FTX collapse.
Sam Bankman Fried (SBF), the crypto evangelist, explained how the FTX saga forced a clearout in the space.
“[SBF] He didn’t like Bitcoin, and he didn’t like its transparency and decentralization. But which companies went under? “, Wood questioned.
“They were highly centralized, nontransparent, opaque businesses – so FTX. Celsius. 3 Arrows Capital (3AC).
“Look at what happened with Bitcoin and Ethereum [the networks]They didn’t miss a beat. All transactions were completed and smart contracts opened.
This high-flying stock-picker then went on to explain what it meant for the industry.
She added that “after the crypto fallout this past year, the collapse in so many companies this year, this idea transparency and decentralization has taken root.”
Ark Innovation ETF seems to emphasize transparency and decentralization. Ark’s Research Director Responded He made the same argument to the November bankruptcy of FTX.
Frank Downing stated, “Conviction in transparent and decentralized public blockchains remains as strong as ever.”