Advertisement
AD

Main navigation

$500,000 Bitcoin Believer Cathie Wood: Our Confidence in Ether Has Gone Up Dramatically

Advertisement
Tue, 14/09/2021 - 11:30
$500,000 Bitcoin Believer Cathie Wood: Our Confidence in Ether Has Gone Up Dramatically
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

During Wall Street's SALT conference, the head of investment firm Ark Invest, Cathie Wood, told CNBC that Bitcoin, in her view, is likely to increase tenfold within the next five years and rise to over $500,000.

However, she also stated that Ark's confidence in Ethereum has also increased a great deal.

"Our confidence in Ether has gone up dramatically"

The reason for this, as Wood explained, was the beginning of the transition of Ethereum from the proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) one. The transition began with the launch of the Ethereum 2.0 zero phase on Dec. 1 and, recently, after the London hard fork implemented on Aug. 5.

The fork (also known as EIP 1559), among other things, has allowed for burning transaction fees on the Ethereum blockchain, which started helping to make Ethereum a deflationary currency.

As reported by U.Today earlier, in early August, Cathie Wood announced her support for Ethereum and DeFi dapps based on this blockchain.

Related
Charles Hoskinson: MATIC Co-Founder Loses Alonzo Bet, Has to Donate $20,000 to Charity Now

Ark is invested in Ether via Grayscale

Among crypto assets, Ark has invested funds in Grayscale Ethereum Trust—Ark holds ETHE shares worth millions of dollars. As of June 30, the investment fund held 721,936 ETHE which, back then, was worth $16.2 million.

As of press time, the second-largest cryptocurrency, Ethereum, is changing hands at $3,339, as per data provided by CoinMarketCap.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD