Ark Invest’s Cathie Wood still sees bitcoin reaching $500,000

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Despite bitcoin’s strong January, the cryptocurrency just suffered one of its largest and longest pullbacks in history. However, Ark Invest chief investment officer Cathie Wood is still bullish on the cryptocurrency and continues to bet that its price will eventually reach $500,000, she told CNBC’s “Squawk Box” on Wednesday morning. . His outlook is even “a bit higher than that”. “Starting with [the financial crisis of] 2008-2009 when bitcoin really got its start, and even more so after last year’s crypto fallout [and] the collapse of many companies, this idea of ​​transparency and decentralization is taking hold, and bitcoin and ethereum are the two best manifestations of that in the crypto world,” said Ark CEO and Chief Investment Officer Invest. Wood also said that Sam Bankman-Fried, CEO of deposed crypto exchange FTX whose alleged fraud has rattled investors, “didn’t like bitcoin” and that his views were at odds with the crypto pillars of decentralization. and transparency. They were highly centralized, non-transparent and opaque companies: FTX, Celsius, Three Arrows Capital,” Wood said. t skip a beat at all. The transactions have been concluded. All smart contracts have been opened and closed. Wood is also a big investor in the Grayscale Bitcoin Trust, known by its symbol GBTC, through the ARK Next Generation Internet ETF (ARKW). Investors are increasingly concerned about the harm GBTC could do to shareholders, shares are trading at a growing discount to net asset value, and the structure of the trust is such that shares cannot be redeemed. “There’s a huge discount there that will close at some point,” Wood said. “I have no idea how the trial is going to go. I think it’s good that this discussion is happening.” Last year, Grayscale sued the Securities and Exchange Commission over its decision to block the conversion of its Grayscale Bitcoin Trust into an exchange-traded fund. The DC Court of Appeals has scheduled oral arguments for March 7. “The SEC dragged its feet in terms of bitcoin ETFs, while approving a bitcoin futures ETF, that just doesn’t make sense to us,” Wood added. “This discussion is going to be very good and the news around the lawsuit is going to be very good for bitcoin in general as more people start to understand bitcoin itself and GBTC in particular.” Wood just posted its best month ever as its battered favorite stocks staged a big comeback in the Its flagship ETF Ark Innovation (ARKK) jumped 3.7% on Tuesday, taking its January yield to 27.8% and marking its strongest month since its inception in 2014.

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