Bitcoin Will Explode by Over 5,900%, Come Out of Bear Market ‘Smelling Like a Rose’: ARK Invest’s Cathie Wood
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The founder and CEO of investment firm ARK Invest is doubling down on his prediction that Bitcoin (BTC) will reach a seven-figure price by 2030.
In an interview with Bloomberg, when asked if he still stands by his prediction that Bitcoin will reach $1 million in eight years, ARK Invest CEO Cathie Wood says he is.
While Wood claims Bitcoin will come out of the market downturn “smelling like a rose,” Wood says institutional investors will be more comfortable putting money into the flagship crypto-asset and Ethereum (ETH) once they understand them better.
“We think Bitcoin will come out of this smelling like a rose, because of what I’ve mentioned before. And yet I think one thing that’s going to be delayed is maybe the institutions stepping back and saying, ‘okay, do we understand this?’” And when they actually do their homework and see , what’s happened here, I think they might be more comfortable moving to Bitcoin. And maybe Ether as a first stop.”
Bitcoin is trading at $16,556 at the time of writing and would need to rise about 5,940 percent to reach Wood’s prediction.
According to the CEO of ARK Invest, Bitcoin and Ethereum have proven to be resilient and capable in the crisis caused by the recent collapse of crypto exchange giant FTX.
“If you look at blockchains… the Bitcoin blockchain and Ethereum are used. You will notice 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, a true testament to how secure the network is.
We see the total value of Ethereum’s stake at $24 billion. That’s an all-time record. So we think the infrastructure is working beautifully.”
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