Cathie Wood still expects Bitcoin to eventually be priced at $500K
- Cathie Wood reiterates her super bullish stance on Bitcoin.
- She doesn’t see the recent FTX collapse as much of a threat.
- Bitcoin is currently up about 40% versus the start of the year.
The recent surge in Bitcoin is just a drop in a bucket compared to where the price is headed, says Cathie Wood – Founder of Ark Investment Management.
Wood continues to be super bullish on BTC
Bitcoin was an absolute pain for investors last year but none of it was enough to turn her dovish on the cryptocurrency. Wood still recommends buying BTC and expects it to eventually be priced at half a million dollars.
Even more so after the crypto fallout this past year and collapse in many companies, this idea of transparency and decentralisation is taking hold. Bitcoin and Ethereum are the two best manifestations of that in the crypto world.
The U.S. Federal Reserve is expected to announce its eighth consecutive rate hike on Wednesday, which makes today equally crucial not just for the equities but the crypto space as well.
Year-to-date, Bitcoin is up roughly 40% at writing.
Wood’s take on the recent FTX collapse
The crypto market was particularly spooked late last year following the collapse of Sam Bankman-Fried’s FTX that Coin Journal reported HERE.
But Cathie Wood doesn’t see it as much of a long-term threat for the likes of Bitcoin and Ethereum. This morning on CNBC’s “Squawk Box”, she said:
If you look at what happened to Bitcoin, the network, and Ethereum, the network, they really did not skip a beat at all. Transactions were completed. All smart contracts opened and closed.
Wood has a sizable position in the Grayscale Bitcoin Trust as well that, in 2022, sued the U.S. SEC for blocking conversion of its crypto product to an ETF.
