Cathie Wood of ARK Invest Stands By $500,000 Bitcoin Price Prediction – Here's Why
In a defensive interview CEO Cathie Wood has stood by her thesis that Bitcoin will hit $500k by 2030.
Wood is the forward-thinking head of Ark Invests and irs flagship tech-oriented ARKK ETF. Notorious for betting big on the latest and greatest in biotechnology.
In 2020, Wood made headlines with an infamous prediction that Bitcoin (BTC) would hit $500k by 2030.
And in November 2022, she doubled-down when it emerged the flagship Ark Innovation ETF invested a further $62.7m into the crypto space.
The capital was deployed to acquire further shares in Coinbase, Silvergate, and the Grayscale Bitcoin Trust. A brave move a week after the collapse of behemoth FTX.
In 2020, the ARKK ETF underwent a sensational 150% rally. But market confidence in the ETF saw witness to a 59% fall in 2022 (worse than the S&P500).
In the aftermath of a difficult year for crypto, Wood jumped onto Andrew Sorkin's CNBC Squawk Box to defend the bold thesis.
When asked whether Ark Innovation stood by her 2020 prediction:
"Yes - we're a little higher than that in our bearish case for 2030
"And in our bullish case much higher," she added.
An impressive claim in the midst of a long crypto winter which has seen BTC prices drop as low as $13,350 this year - after FTX's collapse.
Speaking on Sam Bankman-Fried (SBF) the crypto evangelist explained the FTX saga has forced a clean out in the space.
"[SBF] didn’t like Bitcoin at all, and he didn’t like it because of its decentralisation and transparency, but which companies went under?", Wood questioned.
"They were the highly centralised, non-transparent, opaque companies - so FTX, Celsius, 3 Arrows Capital (3AC),
"If you look at what happened to Bitcoin and Ethereum [the networks], they didn’t skip a beat, all transactions
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