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Cathie Wood, CEO of Ark Investment, doubled down on her prediction that the price of Bitcoin will rise tenfold over the next five years, and said that the growth of DeFi, NFT and the upgrade to Eth2 had greatly increased Ark’s confidence in Aether’s future. .
Wood’s prediction would value Bitcoin at nearly $ 500,000 by 2026. She said Ark Investment’s future exposure to crypto would likely be around 60% Bitcoin and 40% Ethereum.
Wood made the comments on Monday, during a live broadcast at the SALT conference in New York City.
His thesis on BTC prices is based on the fact that more companies are adding Bitcoin to their balance sheets and that institutional investors are allocating around 5% of their portfolios to Bitcoin or other cryptos.
In his view, Bitcoin still remains the default currency in the crypto space, with El Salvador viewing it as legal tender and other Central American countries signaling that they may follow soon.
But she said Ethereum is becoming more and more attractive as an investment thanks to the explosion in developer activity related to NFTs and DeFi.
“I’m fascinated by what’s going on in DeFi, which is reducing the cost of financial services infrastructure in a way that I know the mainstream financial industry doesn’t appreciate right now,” she said. .
“Our confidence in Ethereum has increased dramatically as we saw the start of the transition from proof of work to proof of stake.”
Ark Investment actively manages several exchange traded funds with a focus on disruptive innovation. He has significant investments in Coinbase and stocks in the Grayscale Bitcoin Trust, Wood has frequently spoken of his enthusiasm for Bitcoin.
Related: Bitcoin bull run triggers $ 180,000 BTC price prediction ahead of institutional ‘fireworks’
Wood said based on past experience, she believed that no regulator, including new SEC chairman Gary Gensler, would want to be blamed for preventing the next big technological breakthrough.
“I’m very happy that he understands cryptography and the merits of Bitcoin in particular – he’s a regulator however and he’s a die-hard regulator.”
Wood believes threats from the SEC to take legal action against Coinbase over the launch of a stable return product highlight that the crypto ecosystem is growing faster than regulators have been able to keep up.
In his opinion, Coinbase shouldn’t be particularly worried. Wood highlighted how, in October 2019, Canada’s largest Bitcoin fund and digital asset manager received a favorable ruling from the Ontario Securities Commission (OSC) to offer a publicly traded Bitcoin fund.
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