The CEO of Ark Investment Management, Cathie Wood, has revealed in an interview that she believes the price of the flagship cryptocurrency bitcoin will go to $500,000, despite the recent crypto market crash.
In a Bloomberg TV interview, Wood said that bitcoin was “on sale” during the recent cryptocurrency market crash that saw the value of the flagship cryptocurrency drop from $57,000 earlier this month to a $32,000 low before it started recovering.
To Wood, the market is “emotional” and as such it’s difficult to right now call the bottom. To the CEO prospects for a bitcoin exchange-traded fund (ETF) being approved in the United States this year increased because of the recent price drop. A bitcoin ETF, according to various proponents, would help the cryptocurrency mature as an asset class and help its price surge.
During the interview, Wood noted that the environmental concerns surrounding bitcoin have changed. Elon Musk’s announcement revealing Tesla would no longer accept bitcoin payments over environmental concerns, she said, will help the adoption of solar energy.
Per her words, the adoption of solar energy will accelerate dramatically as bitcoin mining could be a revenue source for its adoption. To Wood, the cryptocurrency market is in a “capitulation phase,” which she says is a “really great time to buy, no matter what the asset is.”
Ark Investment’s analysis of the flagship cryptocurrency, she said, is based on on-chain data. As CoinDesk reports, Wood announced earlier this month she joined the board of Amun Holdings, the parent company of Swiss-based 21Shares.
As reported, despite the market crash some are still betting on bitcoin. The Wells Fargo Investment Institute is planning to evaluate and onboard an actively managed cryptocurrency strategy to its platform for qualified investors, according to the institute’s president Darrell Cronk.
The “professionally managed solution” to invest in cryptocurrency has been in the works for months and is now in its final stages of research and due diligence. It could be added to the firm’s platform by mid-June.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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