Despite the recent market challenges in the cryptocurrency space, Ark Invest CEO Cathie Wood remains steadfast in her prediction that Bitcoin will reach $500,000 by 2030. Speaking on CNBC’s Squawk Box, Wood confirmed that Ark Invest still stands by the bold thesis, and even added that their bearish case is slightly higher than $500,000.
The CEO’s confidence is a testament to the strength of transparency and decentralization in the cryptocurrency market, a key focus of the Ark Innovation ETF. This is a sharp contrast to the centralized, opaque companies that have failed during the recent crypto winter. The collapse of FTX and other companies has not affected the networks of Bitcoin and Ethereum, with all transactions and smart contracts proceeding without a hitch.
Wood’s comments echo those of Ark’s Research Director, Frank Downing, who previously stated that conviction in decentralized and transparent public blockchains is as strong as ever. Despite the 59% drop in the ARKK ETF’s market confidence in 2022, the ETF has undergone a remarkable 150% rally in 2020.
In November 2022, the flagship Ark Innovation ETF invested an additional $62.7 million into the cryptocurrency space, acquiring more shares in Coinbase, Silvergate, and the Grayscale Bitcoin Trust. This move was made despite the collapse of FTX, showing Wood’s unwavering commitment to her bullish outlook on the crypto space.
Lead Photo by Art Rachen on Unsplash
