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Ark Invest CEO Cathie Wood Puts Bitcoin Over $500K In Five Years, More Confident In Ethereum

Ark Invest CEO Cathie Wood has always been bullish on Bitcoin. The CEO has previously stated that she expected the price of the digital asset to 10X from 2021 prices. Putting it at least at $500K in the next five years. Wood has made the prediction earlier in the year. And has now reiterated this prediction two different times. Wood believes that the digital asset remains in a “capitulation phase,” making it a great time to buy the asset.

The CEO’s belief in bitcoin has been evident in her investment choices. Cathie Wood’s investment firm Ark Invest owns shares in Coinbase. The first crypto exchange to go public in the United States. Ark Invest was one of the first to invest in the crypto exchange. Wood’s firm also owns shares in Grayscale Bitcoin Trust, presently the biggest bitcoin trust in the world. Currently owning over 7 million shares in the trust.

Bitcoin Price To 10X

Speaking at the SALT Conference in New York, Wood pointed to her firm’s research into institutional investment inflows into the asset. The CEO pointed out that if institutional investors keep diversifying their portfolios at the rate they are currently, then bitcoin was set to grow tenfold from current price points. Woods explained that the same analysis carried out for bitcoin that leads to this prediction could also apply to any other cryptocurrency in the market.

Related Reading | By The Numbers: How Much Western Union And MoneyGram Will Lose From El Salvador’s Bitcoin Law

The prediction is in line with Wood’s earlier predictions of $500K in five years. This prediction has been called optimistic in the past. But given Wood’s track record and success with risky investments, it is not hard to see how this is right up her alley.

Bitcoin’s growth has shown tremendous promise in the past couple of years. Barely a dozen years old, the asset has grown over 400,000% since its creation. So a tenfold growth in the next five years i...

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