ARK’s Cathie Wood Remains Bullish On Bitcoin: Report
- The founder and CEO of ARK Investment Management, Cathie Wood, believes that Bitcoin (BTC) will reach a price of $1 million per coin by the end of 2030 despite the current downtrend in prices.
- Cathie Woods believes that the only major drawback of the current mayhem prevailing in the crypto industry is that the institutional players will be hesitant in investing blockchain technology.
- She predicted that Bitcoin will coming out of the current market crash “smelling like a rose” as a wave of mass institution wave will soon engulf the market after this long winter ends for the blockchain industry.
Cathie Wood, founder and CEO of ARK Investment Management, an American investment management firm based in Florida, is still bullish on Bitcoin, the world’s biggest and oldest cryptocurrency, and believes that the digital asset will soon hit $1 million after recovering from the current market collapse and the implosion of the multi-billion dollar crypto exchange FTX.
The price of Bitcoin (BTC) as well as other crypto coins has taken a hit in 2022 and the current downtrend prevailing in the market was initiated by the invasion of Russia into Ukraine. However, following the outbreak of the war, the decline in BTC caused the collapse of Terra (LUNA) project and then came the collapse of Three Arrows Capital (3AC) and other crypto lenders like Celsius Network and Voyager Digital fell like dominoes.
However Cathie Wood believes that despite all these events taking place, the market will eventually heal itself and crypto projects will get back on their knees. She predicted that Bitcoin will be priced at $1 million by 2030, a bold forecast at a particularly low period for the crypto space when the price of BTC is almost 75.79% low than its all-time high noted in the month of November 2021 at a price of $69,000.
In the interview with Bloomberg, Cathie Wood said she believes that “sometimes you need to go through a crisis to see the survivors.”
“Bitcoin is coming out of this smelling like a rose,” the ARK Invest executive added in her statement.
The Bitcoin supporter believes that the king coin will reach $1 million per BTC because such industry setbacks are very helpful in separating the valuable projects and digital assets from the scams and fundamentally weak projects that surged to prominance only due to the hype they built via marketing tactics.
Cathie Woods believes that the only major drawback of the current mayhem prevailing in the crypto industry is that the institutional players won’t be interested in investing blockchain technology anymore. Although, the executive of the investment management firm which holds $14 billion in assets under management (AUM), stated that institutions will finally realize the merits of the world’s leading crypto coin.
The millionaire was also bullish on Ether (ETH) and stated that a wave of mass adoption of the world’s second-biggest crypto coin is coming in the near future. Cathie Wood has doubled down on her prediction for BTC and ETH, stating that prior to a bullish outburst of prices, a mass institutional wave will be witnessed.
A similar statement was provided by the world’s richest man Elon Musk who stated that Bitcoin will return to its full strength after the “long winter” ends.