Earlier this year, Ark Invest, an American asset manager, predicted that the price of bitcoin could rise to an astronomical $1 million in 2030. The CEO of Ark Invest and also a giant bitcoin (BTC) bull, Cathie Wood, is currently sharing this price prediction.
BTC price prediction
In a recent interview with Bloomberg Wood indicated that she thinks bitcoin is on its way to $1 million by the year 2030. She says setbacks like the recent bankruptcy of FTX can be helpful because they show which projects are valuable:
Sometimes you have to go through a crisis to see the survivors. Bitcoin comes out of here smelling like a rose.”
The CEO of the 11e largest American exchange traded fund (ETF) issuer previously shared the expectation that the BTC price could reach $500,000 in the future. The reason Wood arrived at that $500,000 was as follows:
“If institutions around the world allocated 5 percent of their portfolios to bitcoin, that allocation alone, and this is just one of many use cases out there, add about $500,000 to the price of bitcoin.”
Despite the current bear market, Wood has doubled her long-term Bitcoin price prediction. While many investors are currently anxious about the price trend and the potential of digital gold, Wood is only getting more bullish.
GBTC exposure Ark Invest
Through Grayscale’s crypto funds, investors who prefer not to own crypto immediately can still invest in the new asset class. You then own a share in a crypto fund of your choice. However, the prices of a share do not exactly match the prices of the cryptocurrencies.
According to data from The Block’s dashboard GBTC is currently tradable at a discount of almost 43%. However, Ark Invest continues to expand its holdings in this as it purchased just over 450,000 shares on November 15 and November 21 combined, worth more than $4 million.
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