Cointime

Download App
iOS & Android

Cathie Wood Reiterates Her $1 Million Bitcoin Bet

Despite the FTX meltdown and the consecutive decline of the cryptocurrency market, the Founder and CEO of Ark Invest – Cathie Wood – stands by her prediction that bitcoin will skyrocket to $1 million by 2030.

She also seems unfazed by the price crash of Grayscale’s Bitcoin Trust (GBTC) since her company purchased additional 176,945 shares.

BTC Bull Regardless of the Reality

The shocking collapse of the crypto exchange FTX deepened the problems in the crypto sector and vaporized much of the investor interest. Even the most optimistic industry participants believe it will take a long time for the market to get back on its feet, while others don’t see it happening at all.

Ark Invest’s Cathie Wood is not among that club. In a recent interview for Bloomberg, she doubled down on her forecast that bitcoin is headed toward $1 million per coin. In her view, such setbacks could be helpful as they show which are the valuable projects:

“Sometimes you need to go through a crisis to see the survivors. Bitcoin is coming out of this smelling like a rose.”

Wood believes the only minus of the calamity is the reduced interest from major institutions. However, she thinks they will soon realize the merits of the primary cryptocurrency and embrace it. The enthusiasm toward BTC should return in the next couple of years, meaning it will tap its milestone by 2030, Ark Invest’s executive concluded.

She is also bullish on ether, saying it could be a subject of mass institutional adoption in the years to come.

This is not the first time Wood has set such an ambitious price target for bitcoin. She joined Michael Saylor in April to predict that the asset will eventually tap that milestone.

Ark Invest Increases Exposure to GBTC

The valuation of GBTC’s shares has significantly dropped due to the ongoing crypto winter. They currently trade at around $8.40, a 27% decline compared to last month’s figures.

Nonetheless, Ark Invest continues to enlarge its holdings and recently purchased more than 176,000 shares worth approximately $1.5 million. A week ago, the entity bought another $273k shares. This came as a surprise since it occurred amid severe market turbulence caused by FTX’s catastrophe.

Grayscale’s GBTC is currently trading at a 42.7% discount against BTC spot prices. It set the largest discount in the history of the fund on November 18, when the figure hit 45%.

GBTC is the largest bitcoin fund and manages over 635,000 BTC. As of the moment of writing these lines, that amount equals nearly $10.5 billion.

Comments

All Comments

Recommended for you

  • Indonesia's Financial Services Authority to Regulate Crypto Industry in 2025 with Evaluation in Regulatory Sandbox

    Indonesia's Financial Services Authority (OJK) will take over regulation of the crypto industry from the commodities agency Bappebti. Crypto firms must undergo evaluation in a regulatory sandbox before being licensed to operate in the country. The OJK aims to prioritize consumer protection and education, and firms operating without evaluation in the sandbox will be considered illegal. The sandbox provides a safe and isolated environment for testing and innovation development, helping to enhance security and responsible management in the financial sector. Once under OJK's oversight, crypto assets will likely be reclassified as financial instruments.

  • The Shenzhen Illegal Fund Raising Prevention Office issued a risk warning on the "DDO digital options" business

    The Shenzhen Office for Preventing and Dealing with Illegal Fundraising issued a risk warning regarding the "DDO digital option" business. The activities related to the DDO digital option business conducted in the name of Dingyifeng International are essentially the issuance and trading of virtual currencies. According to the "Notice on Further Preventing and Dealing with Risks of Speculation in Virtual Currency Trading" jointly issued by ten departments including the People's Bank of China in September 2021, it is clear that virtual currency-related business activities are illegal financial activities, and overseas virtual currency exchanges providing services to residents within China are also illegal financial activities. The activities conducted by Dingyifeng International in the name of serving residents within China are suspected of illegal fundraising and other illegal financial activities. Our office has organized relevant departments to carry out work, resolutely deal with illegal fundraising and criminal activities, and seriously investigate the legal responsibilities of relevant personnel. (Shenzhen Local Financial Supervision and Administration Bureau)

  • The Hong Kong Legislative Council plans to review the relevant stable currency consultation and sandbox legislation at the end of this year or next year

    Hong Kong legislator Wu Jiezhuang revealed that Hong Kong will release stablecoin consultation and sandbox (computer security mechanism), which will allow the industry to innovate digital asset projects in the sandbox environment. Relevant legislation will be reviewed in the Legislative Council at the end of this year or next year, which will help the entire digital asset industry ecosystem. Hong Kong has been improving the digital asset (virtual asset) market on different legal levels. Last year, there were regulations on virtual currency trading platforms and issuance systems.

  • Vitalik: Humanity needs to create a world where blockchain and artificial intelligence work together

    Vitalik Buterin, the founder of Ethereum, stated at BiddleAsia 2024 held at Signiel Seoul in the Songpa district on March 28 that artificial intelligence is a huge market and its importance is increasing day by day. We need to create a world where blockchain and artificial intelligence work together. Artificial intelligence can now create applications with 100 to 500 lines of code. Vitalik also stated that the ability to write 10,000 lines of code can eliminate most of the bugs in the Ethereum virtual machine.

  • South Korean RWA blockchain technology development company PARAMETA completed a new round of financing of approximately US$7.5 million

    South Korean RWA blockchain technology development company PARAMETA announced the completion of a new round of financing of KRW 9 billion (approximately $7.5 million), with Shinhan Hyperconnect Investment Fund under Shinhan Venture Investment and Korea Asset Investment & Securities participating. As of now, the company's total financing has reached KRW 25 billion (approximately $20.8 million). PARAMETA plans to use this investment to expand its own blockchain technology research and development capabilities to meet RWA technology needs and expand from core technologies such as engines/chains to service applications. Relevant services are expected to be launched within the year.

  • Incheon, South Korea launches blockchain hub city

    South Korea announced on the 28th that it will establish a blockchain technology innovation support center in the Songdo Michu Building in the second half of this year. Incheon was finally selected as a participant in the "2024 Regional Blockchain Technology Innovation Support Center Construction Project" jointly organized by the Korean Ministry of Science, ICT and Future Planning and the Korea Internet & Security Agency (KISA). Incheon is the third region to be selected after Busan and Daegu. In February last year, Incheon established a dedicated blockchain department and formulated a four-year plan to create a blockchain center city, which was promised by Incheon Mayor Liu Zhengfu. After being selected, Incheon will receive KRW 1.8 billion in government funding.

  • BTC breaks through $70,000

    The market shows that BTC has broken through $70,000 and is now reporting at $70,003.6. The intraday decline has reached 0.58%, and the market fluctuation is large. Please be prepared for risk control.

  • Base TVL exceeded US$3 billion, with an increase of 71.79% in the past 7 days

    According to the latest data from L2beat, supported by cryptocurrency exchange Coinbase, the total locked value (TVL) on the Base chain, a layer 2 solution for Ethereum, has surpassed $3 billion. At the time of writing, it has dropped to $2.99 billion, with a 7-day increase of 71.79%, reaching a new historical high.

  • Ethereum liquidity re-pledge agreement TVL exceeds US$7.4 billion, continuing to hit new highs

    According to DeFiLlama data, the total value locked (TVL) in Ethereum's liquidity re-staking protocol has reached a new high of $7.406 billion. The top five protocols ranked by TVL are:

  • Web3 gaming platform Elixir Games completes $14 million in seed round financing

    Web3 gaming platform Elixir Games has received a $14 million investment in its seed round of funding, with investors including gaming giant Square Enix, Shima Capital, and the Solana Foundation. This funding round will bring Elixir Games' total funding to $20 million. The company plans to use this funding to develop its gaming ecosystem, with plans to launch in the second quarter of 2024 and support the launch of its ELIX token in its gaming products.