The founder and CEO of the investing company ARK Invest is sticking by her forecast that the price of Bitcoin (BTC) would reach seven figures by 2030.
Cathie Wood, CEO of ARK Invest, responded in the affirmative when asked if she still believes that Bitcoin would reach $1 million in eight years during a interview.
Wood claims that institutional investors will be more at ease investing in the leading cryptocurrency asset and Ethereum (ETH) if they have a better understanding of both. She also asserts that Bitcoin will emerge from the market dip “smelling like a rose.”
They believe that Bitcoin will emerge from this situation unscathed due to the factors she just highlighted. And so, she believes that the one thing that will be postponed is potentially institutions taking a step back and simply asking, Are we truly understanding this? And after they actually do the research and understand what has transpired, she believes they might feel more at ease investing in Bitcoin. Additionally, potentially starting with Ether.
In order for Bitcoin, which is currently priced at $16,556, to reach Wood’s projection, it would need to gain by almost 5,940%.
The CEO of ARK Invest claims that Bitcoin and Ethereum have shown themselves to be strong and capable in the face of the crisis brought on by the recent failure of the world’s largest cryptocurrency exchange, FTX.
Looking at blockchains… let’s use the Bitcoin blockchain and Ethereum. What you’ll discover is that they have the infrastructure, and that technology hasn’t stopped working during the crisis. In fact, Bitcoin’s hash rate is at an all-time high, which is an indication of the network’s security.
Ethereum presently has a total stake value of $24 billion. That represents an all-time high. So they believe the infrastructure is excellent.
