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Ark's Cathie Wood Predicts Bitcoin Could Hit $500,000, Says Correction Is Good for ETF Approval

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Wed, 05/19/2021 - 16:02
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Alex Dovbnya
Cathie Wood believes that the massive correction could actually expedite the process of Bitcoin's ETF approval
Ark's Cathie Wood Predicts Bitcoin Could Hit $500,000, Says Correction Is Good for ETF Approval
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In a recent interview with Bloomberg's Carol Massar, Ark Invest CEO Cathie Wood predicted that Bitcoin would still reach $500,000, sticking to her earlier target in spite of the ongoing sell-off.

The superstar fund manager claims that Ark's conviction "remains high" when it comes to Bitcoin:

We go through soul-searching times like this but our conviction on Bitcoin remains high.

Wood says that the recent correction has boosted the chances of a Bitcoin exchange-traded fund being approved by the U.S. Securities and Exchange Commission since such a product is less likely to be greenlit when prices are at all-time highs.

Earlier today, Bitcoin careened to nearly $30,000.

Elon Musk will come around

In addition, the 65-year-old investor has weighed in on the Elon Musk debacle, speculating that he was pressured by shareholders like BlackRock to reverse course on Bitcoin. However, she expects him to come back to the community:

I believe what happened is after he took a position on Bitcoin, he got pushback from institutional shareholders like BlackRock. You've got Larry Fink beating drum on climate change. I don't think he expected that. But I think he'll come back to the mix.

Related
Elon Musk Says Tesla Has Diamond Hands, Pushing Bitcoin Sharply Higher

Ark Invest is heavily invested both in the Tesla stock and in the shares of Grayscale Bitcoin Trust (GBTC).

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.