Fun

Ark Invest’s Cathie Wood Doubles Down on $500K Bitcoin Prediction, Discusses Crypto Regulation

News Feed - 2021-09-15 10:09:26

Ark Invest"s Cathie Wood Doubles Down on $500K Bitcoin Prediction, Discusses Crypto Regulation


Ark Investment Management CEO Cathie Wood expects the price of bitcoin to be more than $500,000 in five years’ time, which is over 10 times what it is today. She also shared her view on cryptocurrency regulation and Coinbase’s trouble with the U.S. Securities and Exchange Commission (SEC). Cathie Wood’s Ark Invest Predicts $500K Bitcoin


Cathie Wood, the CEO of Ark Investment Management (Ark Invest), discussed bitcoin and crypto regulation in an interview at the SALT conference Monday. Wood is also the firm’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 cash into something like bitcoin, institutional investors start allocating 5% of their funds into … bitcoin, or other crypto,” then: We believe that the price will be tenfold of where it is today, so instead of $45,000, [it would be] over $500,000.


Wood also commented on cryptocurrency regulation. Based on her meeting with state, local, and federal regulators, she described: “Our working assumption from the beginning was that … no regulator wanted to be blamed for preventing the next big technology breakthrough to happen in the U.S.”


She proceeded to say she is “really happy” that the chairman of the SEC, Gary Gensler, “understands crypto and understands the merits of bitcoin in particular.” Nonetheless, she noted, “He is a regulator though and he’s a hardcore regulator.”


The CEO of Ark Invest then talked about cryptocurrency exchange Coinbase’s trouble with the SEC regarding its lending product, noting that she “was shocked” to hear that Coinbase received a Wells Notice. “Are you kidding? They haven’t even released the product. What is this?” she exclaimed.


Coinbase revealed last week that it received a Wells Notice from the SEC. However, the exchange said that it does not know what problem the SEC has with its Lend product. “We don’t know why … We got no explanation from the SEC,” the exchange wrote.


“I think what that Wells Notice is doing, it’s a call out by regulators saying we got to discuss this stuff because this is happening very quickly and I think we are going to bring courts into the system,” Wood opined, adding: This happened in Canada. A company called 3iq sued the regulator there and won in court so they were able to issue bitcoin ETFs [exchange-traded funds], and closed in funds and ether as well.


She concluded: “So, I’m beginning to think that Coinbase doesn’t mind it at all and if you saw the stock reaction, it hardly budged.”


When asked which cryptocurrency she would invest in if she could pick just one, Wood said she would default to bitcoin “because countries are now deeming it legal tender.” The Ark Invest executive is referring to El Salvador where the country’s Bitcoin Law went into effect on Sept. 7 making BTC legal tender alongside the U.S. dollar.


Do you agree with Cathie Wood? Let us know in the comments section below. Shark Tank Star Kevin O"Leary Expects a "Trillion Dollars" Flowing Into Bitcoin MARKETS AND PRICES | 23 hours ago Bitcoin Could "Go up Significantly," Says CIO of World’s Largest Asset Manager Blackrock MARKETS AND PRICES | 3 days ago Tags in this story Ark Invest, ark invest bitcoin, ark invest bitcoin prediction, ark investment management, bitcoin prediction, cathie wood, cathie wood bitcoin, cathie wood crypto, cathie wood cryptocurrency


Image Credits: Shutterstock, Pixabay, Wiki Commons Show comments

News Feed

Amaka Nwaokocha13 hours agoRipple CEO slams SEC over the use of XRP report in lawsuitBrad Garlinghouse stressed Ripple’s unchanged commitment to transparency but hinted that future reports might undergo some changes.10
Savannah Fortis14 hours agoCaroline Ellison testimony: SBF bribed Chinese officials for $150M to unfreeze fundsCaroline Ellison, the star witness in the Sam Bankman-Fried criminal trial, testified that SBF tried to use i
Binance Trains Ukraine’s Cyberpolice and Security Service
Binance Trains Ukraine’s Cyberpolice and Security Service Crypto exchange Binance has organized training courses for representatives of law enforcement authorities in Ukraine. Th
Jagjit Singh17 hours agoHow to earn passive income with peer-to-peer lendingP2P lending is a way for individuals to lend money directly to other individuals without involving traditional financial institutions, such as b
Bloodbath Incoming? Dogecoin Must Hold This Level To Survive
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Anonymous Affiliate Hacks State-Run Russian Broadcaster
Anonymous Affiliate Hacks State-Run Russian Broadcaster NB65, a hacking group affiliated with the Anonymous collective, has allegedly breached the servers of the Russian government
Terrifying Global Currency Crisis Explained in 19 Tweets; Why Bitcoin Matters
The global FX market is staring at the edge of a cliff, according to an analyst who called the 2008 economic crisis. | Source: Shutterstock Something bi
African Crypto Startup, Basqet Launches Payment Gateway to Enable Businesses Accept Bitcoin – Goes Live With 118 Businesses and $1.3 Million in Transaction Volume
African Crypto Startup, Basqet Launches Payment Gateway to Enable Businesses Accept Bitcoin - Goes Live With 118 Businesses and $1.3 Million in Transaction Volume press release PRES
Nansen Report Highlights Growth of Defi and NFTs in 2021
Nansen Report Highlights Growth of Defi and NFTs in 2021 Nansen, a cryptocurrency and blockchain statistics and analytics platform, has issued a report on the growth of decentraliz
Helen Partz12 hours agoCrypto collapses generate hundreds of millions of dollars for lawyersLack of cryptocurrency regulations have made the legal work on crypto bankruptcies more difficult and expensive, FTX lawyers sai
Cardano Spikes as Supporters Anticipate Vasil Hard Fork, Poll Shows ADA Expected to Hit $1 by the End of June
Cardano Spikes as Supporters Anticipate Vasil Hard Fork, Poll Shows ADA Expected to Hit $1 by the End of June During the last seven days, the cryptocurrency cardano has increased i
Savannah Fortis12 hours agoTwo-thirds of AI Chrome extensions could endanger user security: DataData from an Incogni report revealed that 69% of AI extensions for Google Chrome have a high risk impact on users’ cyberse