cryptocrypto.co.za

Cathie Wood Ark Invest CEO Predicts $500,000 Bitcoin

Cathie Wood predicts that Bitcoin prices will increase tenfold and reach $500,000 within five years. This bold prediction was made by Ark Invest’s chief executive while he spoke with Andrew Ross Sorkin, CNBC anchor at the SALT fintech conference held in New York on September 13.

She also stated that this prediction depends on institutional investors and companies diversifying their portfolios, allocating 5% to Bitcoin.

We believe the price will be tenfold higher than it is now, so instead $45,000, we recommend $500,000

According to the finance executive, Bitcoin is now legal tender in many countries. However, Ether is experiencing a boom in development activity.

A Split of 60:40

Cathie Wood also believes in Ethereum. The cryptocurrency has gained 360% over the past year. She said Ark will likely split 60% Bitcoin and 40% Ethereum depending on how the company is exposed to crypto assets in the future.

Wood said that the firm is more confident in Ethereum now that proof-of-stake has been implemented. She also mentioned that decentralized finance is interesting because it can disrupt traditional finance.

I am fascinated by what is happening in DeFi. It is collapsing financial infrastructure costs in a way I know the traditional financial sector does not appreciate at the moment.

She was confident that crypto wouldn’t be regulated to death and stated that no regulator wants be held responsible for the next big fintech breakthrough.

Bitcoin and Ethereum Prices Today

Bitcoin traded 4% higher today at $47,100. BTC is trading at its highest price in a week, above the 200-day and 50-day moving averages. This golden cross was formed just hours ago.

Ethereum has seen its hash rate reach an all-time high and has traded at $3,400 as of this writing. ETH has been marginally down over the last week. However, it needs to break resistance at $3,000.50 to register further gains.