In a recent interview, CEO Cathie Wood maintained her thesis that Bitcoin would hit $500,000 by 2030. Wood is the CEO of Ark Invests and ETF ARKK which operates in the tech space and is known to bet big on biotechnology.
In 2020, she indeed made headlines with a prediction that Bitcoin (BTC) would hit $500,000 by 2030. In November 2022, she made headlines when his ETF Ark Innovation had invested $62.7 million in crypto.
This capital was used to acquire shares of Coinbase, Silvergate and part was invested in the Grayscale Bitcoin Trust. A brave gesture a week after the collapse of the giant FTX.
In 2020, the ARKK ETF had seen an impressive increase of 150%. But market confidence in the ETF has crumbled and seen a 59% drop in 2022 (worse than the S&P500).
Bitcoin at $500,000 in 2030 is a low-key prediction
In the aftermath of a tough year for crypto, Wood used his time on the show on Andrew Sorkin’s CNBC show Squawk Box to defend his bold thesis.
When asked if Ark Innovation stands by its 2020 prediction:
“Yes – we and are even a bit more bullish for the Bitcoin price low range in 2030.
“And for the upper range, our scenario is even more optimistic with a much higher Bitcoin price,” she added.
An impressive assertion amid a long crypto winter that has seen the price of BTC fall as low as $13,350 this year – after FTX crashed.
Speaking on Sam Bankman-Fried (SBF), the CEO explained that the FTX saga caused a cleanup in the cryptocurrency world.
“SBF didn’t like Bitcoin at all, and he didn’t like it because of its decentralization and transparencybut in the end which companies went bankrupt?” asked Wood.
“They were very centralized, non-transparent, opaque companies – I’m talking about FTX, Celsius, 3 Arrows Capital (3AC),
“If you look at what happened to Bitcoin and Ethereum [les réseaux]they haven’t failed, all transactions have been completed, all smart contracts have been opened and closed.”
She went on to explain what this meant for the industry.
“After the fall of cryptos this year, the collapse of many companies, this idea of transparency and decentralization is gaining ground”she added.
Transparency and decentralization seem to be a key element of Ark Innovation’s ETF. When Ark’s research director reacted to FTX’s bankruptcy in November, he had resorted to the same argument.
“Conviction in decentralized and transparent public blockchains is stronger than ever,” Frank Downing said at the time.
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