Ark Invest’s Cathie Wood Doubles Bitcoin Prediction Of $ 500,000, Discussing Crypto Regulation – Markets And Prices Bitcoin News
Cathie Wood, CEO of Ark Investment Management, expects the price of Bitcoin to be more than $ 500,000 in five years, which is more than ten times what it is today. She also shared her opinion on cryptocurrency regulation and Coinbase’s problems with the US Securities and Exchange Commission.
Cathie Woods Ark Invest Predicts $ 500,000 Bitcoin
Cathie Wood, the CEO of Ark Investment Management (Ark Invest), discussed Bitcoin and crypto regulation in an interview at the SALT conference on Monday. Wood is also the company’s founder and CIO.
She was asked what Bitcoin will be worth five years from now. Wood replied, “If we are right and companies continue to diversify their money into something like Bitcoin, institutional investors will start putting 5% of their funds in … Bitcoin or other cryptocurrencies,” then:
We believe the price will be ten times today’s price, so instead of $ 45,000, [it would be] over $ 500,000.
Wood also commented on the regulation of cryptocurrency. Based on her meeting with state, local and federal regulators, she said: “Our working assumption from the start was that … no regulator wanted to be held responsible for preventing the next major technology breakthrough in the US.”
She went on to say she was “really happy” that SEC chairman Gary Gensler “understands crypto and, in particular, understands the merits of bitcoin.” Nonetheless, she noted, “He’s a regulator though, and he’s a hardcore regulator.”
Ark Invest CEO then spoke about Coinbase cryptocurrency exchange’s problems with the SEC regarding its loan product, noting that she was “shocked” to hear that Coinbase had received a Wells notice. “Are you kidding? They haven’t even released the product yet. What is it?” she exclaimed.
Coinbase announced last week that it had received a Wells Notice from the SEC. However, the exchange said it did not know what the SEC’s problem was with its lend product. “We don’t know why … We have no explanation from the SEC,” wrote the exchange.
“I think what this Wells Notice does is a call from regulators that we need to discuss these things because this is happening very quickly and I think we are going to bring courts into the system,” said Wood, adding:
This happened in Canada. A company called 3iq sued the local regulator and won in court so they could issue Bitcoin ETFs [exchange-traded funds], and also closed in funds and ethers.
She concluded, “So I’m starting to think Coinbase doesn’t mind at all and by the time you’ve seen the stock’s reaction, it barely moved.”
When asked which cryptocurrency she would invest in if she could only choose one, Wood said she would not use Bitcoin “because countries now view it as legal tender”. The Ark Invest executive is referring to El Salvador, where the country’s Bitcoin law went into effect on Sept. 7, using BTC as legal tender alongside the US dollar.
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