BCGAME - Free 5BTC Daily Bonus!In fact, they have become even more prominent. Famous CEO of ARK Invest Cathie Wood has always been bullish on Bitcoin. The CEO at the start of the year had given what some would call an upbeat forecast for the asset. But for Wood, that's not very optimistic. When asked about her forecast, Wood explained that she and her company still maintain the forecast.
Cathie Wood's previous forecast had the CEO put a forward forecast for the asset's price at $500.000. Pointing to market indicators, Wood pointed out that they “are all suggesting that we are in a capitulation phase, which is a really great time to buy. It doesn't matter what the asset is. ” This shows that, regardless of Bitcoin's current price, the CEO still sees it as a buying opportunity.
In this article, we will discuss:
Predicting the high future price of Bitcoin
Wood told Bloomberg in an interview that the company continues to hold its conviction for the future of the digital asset. The prediction of the high future price doesn't seem to shake the CEO, nor the current price.
While bitcoin levels are currently on the high side, it's no secret that the price of the digital asset is still a long way from reaching $500.000. However, Cathie Wood still holds to that prediction. When asked about the forecast, the CEO said, "Yes, our conviction is so high." Referring to the work done by his company's cryptography analyst, Wood said of the prediction: “Yes. I accept”, when asked if she and her company are still in line with the forecast.
Wood also took time to comment on the environmental impact of bitcoin mining. “The only thing that has changed here, however, is the environmental concerns surrounding bitcoin in particular have caused people like Elon Musk stand back and say, 'Wow, let me make sure I understand this.'” This is a reference to Musk's company Tesla, which removed the option to pay with bitcoin after only implementing it for about a month. rather, citing the environmental impacts of mining as the main reason.
ARK Invest
Wood's company, ARK Invest, has an interest in the infamous Grayscale Bitcoin Trust. As of this writing, the company currently owns over 7 million shares of the fund. The company slowly increased its share of the trust over time. A month ago, ARK Invest repurchased 2,14 million shares in the fund, putting another $10,8 million in grayscale.
CEO Cathie Wood is known for making risky investment bets, which often worked to her clients' advantage. So it's no surprise that Wood turned his attention to an asset considered a risky gamble. But, for all intents and purposes, Wood is not investing in Bitcoin in the short term. Instead, the company is in it for the long term, as Wood sees the asset go up to $500.000 over the next few years.
