Ark Invest CEO Cathie Wood predicts BTC will hit $500,000 in 5 years’ time while also praising Ethereum so let’s read more in our latest Bitcoin news today.
Cathie Wood predicts that Bitcoin will rise to $500,000 in five years’ time and the bold prediction came while the Ark Invest CEO was speaking with a CNBC anchor Andrew Ross Sorkin during the SALT fintech conference in New York. She added that the prediction is dependent on companies and investors that are diversifying their portfolios by allocating about 5% to BTC:
“We believe that the price will be tenfold of where it is today, so instead of $45,000, over $500,000.”
The finance executive added that if she is going to hold one cryptocurrency, it would be Bitcoin because the countries are seeing it as a legal tender but Ether is also seeing an explosion in development activity. Cathie Wood is also bullish on ETH which gained 360% since the beginning of this year. Regarding the company’s future exposure to crypto, she said that Ark will have a spit of 60% BTC and 40% Ethereum. Wood added that the company became much more confident with Ethereum now that the transition to PoS started. The decentralized finance space is also interesting and she added that it is also amazing because of its ability to disrupt traditional finance:
“I’m fascinated with what’s going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now.”
She was quite confident that the crypto space will not be regulated to death but stated that no regulator wants to be blamed for stopping teh next major fintech breakthrough. Markets rebounded a little today with BTC trading 4% higher on the day at $47,000 as per the data from CoinGecko. BTC is now at its highest price for one week and trading above both the 50-day and 200-day moving average that formed a golden cross a few hours ago. Ethereum which saw its hash rates hit an ATH, increased 3.2% to trade at $3400 at the time of writing while ETH is still down marginally over the past week but still needs to break the resistance to gain even more.
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