Cathie Wood, the CEO of Ark Investment, has predicted that in the coming 5-years (by 2026), the price of Bitcoin (BTC) will increase by 10-times to around US$500,000. During the online live streaming of the SALT Conference in New York, Wood made it clear that her investment firm’s confidence in the future of Ethereum (ETH) has increased massively after the upgrade of ETH2 and the growth of both DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens).
During the online conference, Cathie Wood made it clear that the future exposure of Ark Investment’s funds to cryptocurrencies would be split between Bitcoin and Ethereum. While 60% of the funds would be invested in BTC, 40% would be invested in ETH.
Cathie Wood’s price thesis of Bitcoin is based on two assumptions:
Wood believes that BTC is still the crypto market’s default currency, especially after El Salvador started considering it as a legal tender. She is more upbeat about Bitcoin’s amazing future as many Central American countries have already signalled that they may follow El Salvador’s footsteps soon.
Her bullish views about Bitcoin are well known in the investment circles. However, what’s new in her statement during the SALT conference is her increasing faith in Ethereum ETH as the second most important investment vehicle. According to the CEO of Ark Investment, there has been an explosion in the activities of developers regarding DeFi and NFTs. She said that these activities have made ETH more attractive for investment.
“I'm fascinated with what's going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now… Our confidence in Ethereum has gone up dramatically as we have seen the beginning of the transition from Proof-of-Work to Proof-of-Stake.”
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