BCGAME - Free 5BTC Daily Bonus!Cathie Wood, the CEO of investment management firm Ark Invest, is a well-known Bitcoin bull. In a recent interview, Wood was asked about her Bitcoin price projection over the next five years, to which she responded with a value of $500.000 per Bitcoin, claiming that she believes the price of the leading cryptocurrency would increase tenfold in five years.
"We believe that the price will be tenfold where it is today only instead of $45,000 over $500,000," says @CathieDWood he her #bitcoin price target over 5 years to @andrewrsorkin at @SALTConference. "Our confidence in ether has gone up dramatically." pic.twitter.com/bIPyLRv6yg
- Squawk Box (@SquawkCNBC) September 14, 2021
Wood-led Ark Invest has invested millions in Bitcoin via the Grayscale Bitcoin Trust ($GBTC) and has also made direct investments in cryptocurrency companies such as Coinbase. During the conference, Wood said he believed institutions would continue to explore the crypto market and many more would add BTC to their balance sheets.
When asked whether she would just maintain Bitcoin investments or explore other options, Wood said Bitcoin is the default option as countries have now begun to consider it legal tender, referring to the adoption of Bitcoin in El Salvador.
Cathie Wood's confidence in ether is also great.
Wood went on to assert that Ether, the second-largest cryptocurrency by market capitalization, has huge potential given the increasing activity from developers and new ecosystems such as Defi and NFT growing on top of it. Wood showed a particular fascination with the Defi market. She explained:
Ether, however, is seeing an explosion in developer activity thanks to NFTs and DeFi,” she said. “I'm fascinated by what's happening at DeFi, which is lowering the cost of infrastructure for financial services in a way that I know the traditional financial industry doesn't appreciate right now.”
The investment veteran advocated a 60:40 allocation to Bitcoin and Ether, respectively. Wood's Ark Invest is also looking to expand its investment in cryptographic ETFs, with an eye to Canadian Bitcoin ETFs in the absence of any cryptographic ETFs regulated in the United States.
