Cathie Wood, founder and CEO of ARK Invest, says Bitcoin (BTC) has the potential to explode on its way to a price target of over half a billion dollars. If Wood's predictions come true, it will mean that BTC will rise 1,000%.
Ark Invest CEO Cathie Wood said she expects Bitcoin to soar to $500,000 in five years time during an interview with CNBC anchor Andrew Ross Sorkin at the SALT Conference in New York City on Monday.
During the interview, Sorkin notably asked Wood what Bitcoin would be worth in five years.
“If we’re right and companies continue to diversify their cash into something like Bitcoin, and institutional investors start allocating 5% of their funds in Bitcoin [...] we believe the price will be ten-fold what it is today. Instead of $45,000, over $500,000.”
Later on, however, Wood was asked outright, if you could only own one cryptocurrency what would it be?
“I think I’d default still to Bitcoin because countries are now deeming it legal tender and we haven’t even put that into our thinking.”