Ark Invest CEO Cathie Wood Made a Bold Price Prediction For Bitcoin
- Cathie Wood predicts Bitcoin values to be $500,000 in 5 years.
- Ark’s future exposure will likely be split 60-40 between Bitcoin and Ethereum.
- Institutional investors are devoting about 5% of their portfolios to bitcoin.
Cathie Wood predicts a tenfold increase in Bitcoin values to $500,000 in 5 years. The big projection came while chatting with CNBC anchor Andrew Ross Sorkin on Sept. 13 at the SALT Fintech conference in New York.
Ark’s future exposure to crypto assets will likely be split 60-40 between Bitcoin and Ethereum. She stated that no regulator wants to be blamed for blocking the next great Fintech innovation. More corporations are adding Bitcoin to their balance sheets, and institutional investors devote about 5% of their portfolios to Bitcoin and other cryptocurrencies.
Cathie Wood likes Ethereum, which has risen 360 percent since January. She added Ark’s future exposure to crypto-assets would likely range in split of 60-40 between Bitcoin and Ethereum.
The Surge of NFT and DeFi Developer Activities
Wood said that the business has become more confident in Ethereum after the switch to proof-of-stake. She also likes decentralized money. Precisely it’s capacity to challenge traditional finance.
El Salvador has declared Bitcoin legal cash. Other Central American governments have indicated they may follow suit shortly, showing how bitcoin is the default tender of the crypto industry. But she says Ether is becoming more appealing as an investment because of the surge of NFT and DeFi developer activity.
She stated that no regulator wants the blame for blocking the next great Fintech innovation. According to CoinMarketCap, Bitcoin was trading at $47,100, up 4% on the day. BTC is presently trading above the 50-day and 200-day moving averages, which recently created a golden cross.
On the other hand, Ethereum, which hash rates set an all-time high, is up 3.2 percent to $3,400. ETH is still slightly down over the previous week and needs to break $3,500 to continue rising.
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