ARK Invest CEO Cathie Wood is outlining a bold Bitcoin (BTC) prediction.
In a new CNBC interview, ARK Invest CEO Cathie Wood says that she firmly believes the top crypto asset will soar by more than 2,000% within seven years.
“In fact, we’re a little higher than [$500,000] in our base case for the year 2030. And in our bull case, much higher.”
Wood says the scandals and bankruptcies that hit the crypto space in 2022, like the implosion of Sam Bankman-Fried’s FTX, actually underscore the value of the decentralization and transparency in the Bitcoin and Ethereum (ETH) ecosystems.
“If you look at what has happened in the last year, actually, Sam Bankman-Fried didn’t like Bitcoin at all. And he didn’t like it because of its decentralization and transparency. And what companies went under? They were the highly-centralized, non-transparent, opaque companies.
So, FTX, Celsius, Three Arrows Capital. If you look at what happened to Bitcoin, the network, and Ethereum, the network, they really didn’t skip a beat. All transactions were completed. All smart contracts opened and closed.
I think that starting with ’08-’09, which is when Bitcoin really debuted, and even more so, after the crypto fallout this past year, the collapse in many companies, this idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the two best manifestations of that in the crypto world.”
After a significant bounce from November lows, Bitcoin is now worth $23,040 at time of writing while Ethereum trades at $1,575.
Main content of the article:
ARK Invest CEO Cathie Wood predicts that Bitcoin (BTC) will increase by more than 2,000% within the next seven years. Wood believes the scandals and bankruptcies of crypto companies in 2022 only serve to highlight the value of decentralization and transparency in the Bitcoin and Ethereum (ETH) ecosystems. Currently, Bitcoin is worth $23,040 and Ethereum is trading at $1,575. Wood believes that the idea of decentralization and transparency is gaining traction, making Bitcoin and Ethereum two of the best manifestations of this idea.