© Reuters
Investing.com – After an already largely bullish January, the market kicked off February by hitting a high above $24,000 for the first time since August 2022 on Wednesday night, thanks to a dovish Fed meeting.
And according to many experts, this rise is likely to continue. Cathie Wood, CEO of Ark Invest, agrees, with the famed manager reiterating her long-term target of $500,000 for Bitcoin on a CNBC show on Wednesday, noting that her outlook is even “a bit higher. higher than that”.
Cathie Wood hails Bitcoin and Ethereum resilience to 2022 crypto scandals
“Since [la crise financière de] 2008-2009, when the debuted, and even more so after the fall of cryptocurrencies last year [et] the collapse of many companies, this idea of transparency and decentralization is gaining ground, and bitcoin and Ethereum are the two best manifestations of that in the crypto world,” Wood said.
Referring to several crypto scandals that took place in 2022, Cathie Wood also marked a clear difference between Bitcoin and on the one hand, and other cryptos on the other.
“Which companies went under? It was the highly centralized, non-transparent, opaque companies: FTX, Celsius, Three Arrows Capital,” Wood said, adding that “if you look at what happened to Bitcoin, the network, and to The Ethereum, the network, they really did not fail. The transactions were completed. All the smart contracts opened and closed.”
Wood brings up the Grayscale Vs SEC case
Cathie Wood also raised the case of the Grayscale Bitcoin Trust (BTC) (OTC:), in which she is invested through the ARK Next Generation Internet (ARKW) ETF, and which is currently in litigation against the SEC, following the regulator’s refusal to authorize the conversion of GBTC into an ETF.
“The SEC dragged its feet on a bitcoin ETF, while approving a bitcoin futures ETF — that just doesn’t make sense to us,” Wood said.
“This discussion is going to be very good and the news around the lawsuit is going to be very good for bitcoin in general as more and more people start to understand bitcoin itself and GBTC in particular,” she added. .
Remember that in the opinion of many experts, the approval of ETFs holding Bitcoin directly could have a powerful upward impact on the price of cryptocurrency, by providing direct and simplified access to Bitcoin to hundreds of millions of people. investors, ETFs being the most popular and widely available financial products in the world.