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

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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.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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