Cathie Wood, the CEO and CIO of Ark Invest, believes that bitcoin could potentially hit $1.5 million per coin based on her firm’s internal analysis.
Wood shared her bullish bitcoin outlook during a recent interview with Bloomberg, stating:
“Our bull case, I think it’s $1,500,000 per coin, the best case is $625,000 (something like that).”
She explained that her conviction in this lofty bitcoin price prediction has risen due to the regional bank crisis that occurred in March. Wood sees bitcoin as “a hedge against counterparty risk.”
During the interview, Wood also discussed Ark Innovation, her flagship ETF. While some critics claim her investment strategy has been faltering, Wood argues that Ark’s active management approach is making a comeback. This strategy has helped the fund outperform the NASDAQ 100 despite lacking mega-cap tech stocks.
Wood addressed fund flows as well, noting that Ark funds have seen positive inflows since July following significant outflows earlier in 2023. She attributes this turnaround to a “breakout” in her investment strategy that has attracted more technically-oriented investors.
Addressing cryptocurrencies further, Wood expressed optimism for Coinbase, especially following a court ruling in favor of Ripple against the SEC. However, this optimism has not deterred Wood from reallocating some of her Coinbase stake toward “laggards” like genomic companies and Teradyne.
In summary, Wood’s conviction in bitcoin as a hedge against counterparty risk combined with her strategic investing in “laggards” offers insight into her forward-thinking and aggressive investment strategy that continues to generate notable attention and debate in the investment world.
This article is based on the original news published on U.Today.
