Cathie Wood, the CEO of Ark Invest, has reaffirmed her confidence in the apex cryptocurrency Bitcoin. Wood broke down her optimistic views on the leading asset, in a recent interview with Bloomberg TV.
According to Wood, Ark Invest expects Bitcoin to at least tap the $625,000 price mark. But if Bitcoin performs as expected, the leading cryptocurrency could very well climb up to $1.5 million, Wood asserted.
In her words; “Our bull case, I think it’s $1,500,000 per coin, the best case is $625,000 (something like that)”
This is a bold price prediction, even for Bitcoin, which has held the top position as the most valuable digital currency by market cap for a significant period. For Bitcoin to attain this milestone, the digital asset has to surge by more than fifty times its current price.
At report time, Bitcoin is trading for $30,054, shortly after recently dropping to a daily low of $29,556. Over the last week, Bitcoin has seen its recently accumulated gains drop mildly, as volatility continues to plague the cryptocurrency market. At press time, Bitcoin has lost more than 2% of its weekly gains. Data from CoinMarketCap also reflects a massive decline in trading volume which is currently down by more than 10%.
A key metric also shows that market sentiments are becoming even more positive. According to the Bitcoin Fear and Greed Index, which is designed to generate a score that displays the current market sentiments, investors are more bullish than they are bearish.
The index shows a score of 55/100 for Bitcoin at report time. While this doesn’t necessarily indicate that Bitcoin investors are entirely positive, it also doesn’t indicate that Bitcoin investors are extremely positive.
During the interview, Wood also showed support for the leading U.S.-based cryptocurrency exchange Coinbase. Although Wood has evacuated some of her funds from the exchange platform, she remains positive that the exchange will come out victorious in its ongoing case with the SEC, especially as Ripple recently received a favourable court verdict in its case with the SEC.
“We’re very positive of Coinbase, especially in light of the court ruling for Ripple and against the SEC. Not altogether, there were some puts and takes. But by and large very positive for exchanges, and so we’re very positive.”
She further acknowledged that the Coinbase stock has had a significant run this year. Notably, in March and in June, ARKInvest anticipated a notice from Wells Fargo, and a lawsuit from the SEC. Although these sentiments played a role in pushing the stocks downward, they didn’t take it to new lows. With the Coinbase stock outperforming Tesla, ARKInvest is focused on taking out profits and reallocating the capital to some laggards.
Speaking on Ark Innovation, her primary ETF, Wood disclosed that Ark has taken an active management approach to combat the roadblocks keeping it stagnant.