Cathie Wood Says Bitcoin ($BTC) Would Top $500,000 in 5 Years, Here’s Why

By Prashant Jha
Published September 14, 2021 Updated September 14, 2021
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Cathie Wood Says Bitcoin ($BTC) Would Top $500,000 in 5 Years, Here’s Why

By Prashant Jha
Published September 14, 2021 Updated September 14, 2021

Cathie Wood, the CEO of investment management firm Ark Invest is a known Bitcoin bull. In a recent interview, Wood was asked about her Bitcoin price projection in the next five years, to which she responded with a figure of $500,000 per Bitcoin claiming she believes the price of the top cryptocurrency would increase by ten folds in five years.

Wood-led Ark Invest has invested millions in Bitcoin via Grayscale Bitcoin Trust ($GBTC) and has also made direct investment in crypto companies such as Coinbase. Wood during the conference said, she believes institutions would continue to explore the crypto market and many more would add BTC to their balance sheets.

When asked whether she would only stick to Bitcoin investments or explore other options, Wood said Bitcoin is the default option given countries have now started to deem it as legal tender, referring to El Salvador’s Bitcoin adoption.

Wood’s Confidence in Ether (ETH) is Growing

Wood went on to claim that Ether, the second-largest cryptocurrency by market cap has huge potential given the growing developer activity and new ecosystems such as Defi and NFT growing on top of it. The wood showed a special fascination towards the Defi market. She explained,

“Ether, however, is seeing an explosion in developer activity thanks to NFTs and DeFi,” she said. “I’m fascinated with what’s going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now.”

The investment veteran advocated for a 60:40 allocation in Bitcoin and Ether respectively. Wood’s Ark Invest is also looking to expand its investment to crypto ETFs, eyeing Canadian Bitcoin ETFs in absence of any regulated crypto ETFs in the US.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1077 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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