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Bitcoin to $1.5 Million? Cathie Wood Says Her Confidence Has Increased

Tue, 07/18/2023 - 15:45
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Alex Dovbnya
Renowned investor and Ark Invest CEO Cathie Wood has made bold prediction about future of Bitcoin, estimating its value could reach $1.5 million per coin
Bitcoin to $1.5 Million? Cathie Wood Says Her Confidence Has Increased
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Ark Invest CEO Cathie Wood is bullish on Bitcoin, pointing to her firm's internal analysis to illustrate her optimistic outlook.

"Our bull case, I think it's $1,500,000 per coin, the best case is $625,000 (something like that)," Wood said during a recent Bloomberg interview.

She went on to explain that her confidence in this prediction has risen due to the regional bank crisis that took place in March. In her view, Bitcoin is "a hedge against counterparty risk."

During her interview, Wood also discussed the performance of her primary ETF, Ark Innovation. Critics have claimed her investment strategy was losing steam, but Wood maintains that Ark's active management approach is making a comeback. This approach has helped the fund outperform the NASDAQ 100, even without the mega-cap tech stocks.

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Wood also addressed fund flows, noting that Ark funds have experienced positive inflows since July after significant outflows in early 2023. Wood attributes this turnaround to a "breakout" in her investment strategy, which has attracted more technically oriented investors.

Addressing the topic of cryptocurrencies further, Wood expressed her optimism for Coinbase, especially following a court ruling that favored Ripple over the SEC. This optimism, however, has not deterred her from reallocating some of her Coinbase stake toward what she termed as "some laggards," like genomic companies and Teradyne.

Wood's conviction in Bitcoin as a hedge against counterparty risk, combined with her strategic investment in "laggards," offers a glimpse into her forward-thinking and aggressive investment strategy, which continues to generate notable attention and debate in the investment world.

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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