Bitcoin Will Explode by Over 5,900%, Come Out of Bear Market ‘Smelling Like a Rose’: ARK Invest’s Cathie Wood

On Nov 25, 2022

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 is still holding on to her forecast that Bitcoin will reach $1 million in eight years, ARK Invest CEO Cathie Wood says that she is.

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

“We think Bitcoin is coming out of this smelling like a rose because of what I have mentioned previously. And I do think, though, the one thing that will be delayed is perhaps institutions stepping back and just saying ‘okay, do we really understand this?’ And once they actually do the homework and see what’s happened here, I think they might be more comfortable moving into Bitcoin. And perhaps Ether as a first stop.”

Bitcoin is trading at $16,556 at time of writing and would have to appreciate by approximately 5,940% to reach Wood’s prediction.

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

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

On Ethereum, we’re seeing the total value staked at $24 billion. That is an all-time high. So we think the infrastructure is working beautifully.”

This article first appeared on DailyHodl