In a defensive interview, Ark Invest CEO Cathie Wood defended her prediction that Bitcoin will reach $500,000 by 2030.
Wood is the visionary leader of Ark Invests and its flagship tech-oriented ARKK ETF. Notorious for placing large bets on the most cutting-edge biotechnology.
Wood made waves in 2020 when he predicted that Bitcoin (BTC) will reach $500k by 2030.
In November 2022, she doubled down when it was revealed that the flagship Ark Innovation ETF had invested an additional $62.7 million in the crypto market.
The funds were used to purchase further shares in Coinbase, Silvergate, and the Grayscale Bitcoin Trust. A bold move a week after the collapse of FTX.
The ARKK ETF experienced a 150% rise in 2020. However, market trust in the ETF fell 59% in 2022. (worse than the S&P500).
In 2030, BTC is expected to be worth $500,000.
Following a rough year for cryptocurrency, Wood spoke on Andrew Sorkin’s CNBC Squawk Box to defend the audacious concept.
When questioned if Ark Innovation stuck by her 2020 projection, she said:
“Yes, we’re a touch higher in our pessimistic case for 2030.”
“And considerably higher in our bullish case,” she added.
An astounding claim in the midst of a long crypto winter, which has seen BTC values fall as low as $13,350 this year – following the demise of FTX.
The crypto enthusiast explained on Sam Bankman-Fried (SBF) that the FTX debacle has caused a cleanup in the space.
“[SBF] didn’t like Bitcoin at all, and he didn’t like it because of its decentralization and transparency,” Wood inquired.
“They were extremely centralized, non-transparent, opaque companies, such as FTX, Celsius, and 3 Arrows Capital” (3AC),
“Look at what happened to Bitcoin and Ethereum [the networks], they didn’t miss a beat, all transactions were completed, all smart contracts were opened and closed.”
The ecstatic stock-picker went on to explain what this meant for the industry.
“After the crypto fallout this year, with so many companies failing, this idea of transparency and decentralization is taking root,” she continued.
“[SBF] despised Bitcoin, and he despised it because of its decimalization. Transparency and decentralization appear to be important components of the Ark Innovation ETF. The identical argument was advanced by Ark’s Research Director in response to the FTX bankruptcy in November.
“Belief in decentralized and transparent public blockchains is as strong as it has ever been,” Frank Downing remarked.
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