Cathie Wood, the face of well-known investment firm Ark Invest, is still positive about bitcoin (BTC). A few days ago, Wood, the founder, CEO and CIO of Ark Invest, stated that she still expects a bitcoin price of $ 500,000. That is a striking statement, especially given the recent price movements of BTC.
Ark Invest was founded in 2014 and manages a number of exchange-traded funds (ETFs). Overall, the company has some $ 50 billion in assets under management. It also has a cryptocurrency fund in which investors can expose their capital to crypto.
In a recent interview with Bloomberg, Wood argues that bitcoin is “on sale,” referring to the recent correction that appears to be still underway. The downward movement seems to be mainly the result of people like Elon Musk who wonder whether bitcoin is really good for the climate. Despite Wood reiterating that she still expects a prize of $ 500,000, she says something has changed at this point:
One thing that has changed, however, is the environmental issues surrounding Bitcoin. Which has led people like Elon Musk to pull out and say, ‘Ho, ho, ho, ho, let me find out’, We believe even this is going to change eventually because first of all, right now is the percentage of Bitcoin being mined with renewable energies and hydropower quite significant. ”
With such price predictions, one should always keep in mind that Ark Invest itself will benefit if bitcoin does indeed hit a price of $ 500,000. Plus, no one knows where bitcoin will eventually go in the future.
Another analyst who expects an astronomically high bitcoin price is the Dutch PlanB. According to its stock-to-flow (S2F) model, the top of the current bull market could be somewhere around $ 100,000.a