Bitcoin to explode over 5,900%, exit bear market ‘smelling like a rose’: ARK Invest’s Cathie Wood

Bitcoin to explode over 5,900%, exit bear market ‘smelling like a rose’: ARK Invest’s Cathie Wood

The founder and CEO of investment firm ARK Invest is doubling down on her prediction that Bitcoin (BTC) will hit a seven-figure price by 2030.

Responding to a question during an interview with Bloomberg about whether she still stands by her prediction that Bitcoin will hit $1 million in eight years, ARK Invest CEO Cathie Wood said she was.

While stating that Bitcoin will emerge from the market downturn “smelling like a rose”, Wood says institutional investors will be more comfortable putting money into the flagship crypto asset and Ethereum (ETH) once they will understand them better.

“We think Bitcoin is coming out of this smelling like a rose because of what I mentioned earlier. And I think, though, maybe the only thing that’s going to be delayed is that the institutions will step back and just say, “Okay, do we really understand this?” And once they’ve done their homework and seen what’s happened here, I think they might be more comfortable switching to Bitcoin. And maybe Ether as a first step.

Bitcoin is trading at $16,556 at the time of writing and is expected to appreciate around 5,940% to meet Wood’s prediction.

According to the CEO of ARK Invest, Bitcoin and Ethereum have proven to be resilient and capable in the face of the crisis caused by the recent collapse of crypto exchange giant FTX.

“If you look at blockchains…let’s use the Bitcoin and Ethereum blockchain. What you will find is that they have the infrastructure, the technology has not moved through this crisis. In fact, Bitcoin’s hash rate is at an all-time high and that’s a true indication of network security.

On Ethereum, we see the total value staked at $24 billion. This is an absolute record. So we think the infrastructure is working perfectly.

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