Despite the FTX meltdown and the consecutive decline of the cryptocurrency market, the Founder and CEO of Ark Invest – Cathie Wood – stands by her prediction that bitcoin will skyrocket to $1 million by 2030.
She also seems unfazed by the price crash of Grayscale’s Bitcoin Trust (GBTC) since her company purchased additional 176,945 shares.
The shocking collapse of the crypto exchange FTX deepened the problems in the crypto sector and vaporized much of the investor interest. Even the most optimistic industry participants believe it will take a long time for the market to get back on its feet, while others don’t see it happening at all.
Ark Invest’s Cathie Wood is not among that club. In a recent interview for Bloomberg, she doubled down on her forecast that bitcoin is headed toward $1 million per coin. In her view, such setbacks could be helpful as they show which are the valuable projects:
“Sometimes you need to go through a crisis to see the survivors. Bitcoin is coming out of this smelling like a rose.”
Wood believes the only minus of the calamity is the reduced interest from major institutions. However, she thinks they will soon realize the merits of the primary cryptocurrency and embrace it. The enthusiasm toward BTC should return in the next couple of years, meaning it will tap its milestone by 2030, Ark Invest’s executive concluded.
She is also bullish on ether, saying it could be a subject of mass institutional adoption in the years to come.
This is not the first time Wood has set such an ambitious price target for bitcoin. She joined Michael Saylor in April to predict that the asset will eventually tap that milestone.
The valuation of GBTC’s shares has significantly dropped due to the ongoing crypto winter. They currently trade at around $8.40, a 27% decline compared to last month’s figures.
Nonetheless, Ark Invest continues to enlarge its holdings and recently purchased more than 176,000 shares worth approximately $1.5 million. A week ago, the entity bought another $273k shares. This came as a surprise since it occurred amid severe market turbulence caused by FTX’s catastrophe.
Grayscale’s GBTC is currently trading at a 42.7% discount against BTC spot prices. It set the largest discount in the history of the fund on November 18, when the figure hit 45%.
GBTC is the largest bitcoin fund and manages over 635,000 BTC. As of the moment of writing these lines, that amount equals nearly $10.5 billion.
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