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The founder, CEO, and CIO of the investment management firm Ark Invest Cathie Wood is pretty much optimistic about the future of bitcoin (BTC) as she sees its price to skyrocket well above $500,000 in five years’ time. Such a vision would definitely make BTC believers stack up on those coins.
When asked during the SALT conference as to how she sees bitcoin in five years, Wood responded that she believes that the king coin’s price will be tenfold where it is today adding that instead of $45,000, BTC’s price would be over $500,000. She pointed out, though, that such a forecast will come to fruition provided that companies continue to diversify their cash into something like BTC and investors begin to allocate 5 percent of their funds into bitcoin or other cryptocurrencies.
Ark CEO on crypto regulation
It was also during the said event that the CEO expressed her opinions about the regulation of cryptocurrencies. According to reports, Wood’s comments were based on her meeting with state, local, and federal regulators. She stated that their working assumption from the start was that no regulator would like to be held liable for preventing what she describes as the next big technology breakthrough to happen in the U.S.
Further, Wood said that she’s pretty much delighted that the SEC Chairman, Gary Gensler has a clear understanding of crypto and understands the merits of bitcoin specifically. Albeit what she said, she still made it clear that Gensler is still a hardcore regulator.
Wood was also asked during the said event on which cryptocurrency she would invest in if she could only just choose one. This one’s a no-brainer as she obviously picked bitcoin as she reasoned out that other countries are as of late deeming it as their legal tender.
A lot of the cryptocurrency community is well aware of that fact that the country of El Salvador has been hailed to be the first nation to adopt bitcoin as their legal tender alongside the U.S. dollar. For the uninitiated, the country’s Bitcoin Law went into full swing on September 7.
Confidence in Ethereum
The Ark Invest CEO also believes that the Ethereum (ETH) network’s development is without a doubt promising. She said that the growth of DeFi, NFTs, and the Eth2 upgrade has surged Ark’s confidence in Ether’s future. She explains that the firm’s investment future exposure to cryptocurrencies was likely to be around 60 percent for bitcoin and 40 percent for Ethereum.
She pointed out that Ethereum is becoming more enticing as an investment as this can be credited to the developer activity boom connected to NFTs and DeFi. Wood said that she’s fascinated with what’s happening in DeFi, which according to her is collapsing the cost of infrastructure for financial services in a way that she knows that the traditional financial industry does not appreciate right now.
