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ARK Cathie Wood Admits She Was Wrong About Bitcoin

Crypto icon Cathie Woods (CEO of ARK Invest) has corrected her previous Bitcoin price prediction, and in her latest shockwave through the market has revealed a new Cathie Wood Bitcoin prediction for 2030.

The updated prediction came as Wood gave a recent interview on the New Zealand Herald’s ‘Markets With Madison show’, during the 30 minute interview Cathie Wood, CEO of ARK Invest, shared her bullish outlook for Bitcoin on the long-time frame.

But first, lets back track, Wood skyrocketed into the spotlight after making outlandish claims that Tesla (TSLA) would reach $3,000 a share by 2025, and she doubled down on the controversy by further predicting that Bitcoin (BTC) would be worth more than $500,000. 

But in the time since, she has now corrected that prediction to $1 million a Bitcoin by 2030.

(ARKUSD)

Yet, in the latest prediction with the New Zealand Herald, ARK Cathie Wood upgraded her prediction to suggest BTC will be worth $1.5m by 2030.

ARK Invest’s Cathie Woods On Bitcoin’s Potential

Cathie Wood views Bitcoin as a ground-breaking financial instrument, the first global, decentralized, rules-based monetary system.

According to Wood, this unique position sets Bitcoin up to spearhead a financial revolution, potentially increasing its market cap to over $20 trillion and driving the price per coin beyond the $1 million threshold to a best-case outlook of $1.5m by 2030.
“ARK believes that in a world driven by disruption, make sure you’re on the right side of change,” Wood said in 2014.

A significant revision in Wood’s timeline for Bitcoin reaching this monumental value stems from the recent approval of spot Bitcoin exchange-traded funds (ETFs).

The launch of these ETFs, particularly highlighted by BlackRock’s iShares Bitcoin Trust reaching over $10 billion in assets under management in just seven weeks, underscores the growing appetite among financial institutions for Bitcoin.

This development marks a pivotal moment in integrating Bitcoin into traditional finance, signaling the beginning of broader acceptance and investment from major financial entities. As Wood put it, “We haven’t even begun.”

Today, investing into Tesla and Bitcoin is a lot less risky than when Wood first aimed for the future of technology, and this has been mainstreamed by pioneering products like ARK’s most significant Bitcoin-linked ETF – the ‘Next Generation Internet ETF’ – which has grown 54.36% over the last year.

Ark Invest’s Unusual Recent Trading Activity

Aside from the comments from Wood, ARK Invest recently caught the cryptocurrency communities’ attention for different reasons after Cathie Wood made significant adjustments to the ARK Invest portfolio – notably off-loading a substantial amount of Block Inc (SQ) shares (sorry Jack!).

ARK Invest executed a sale of 9,437 shares of Block Inc., on March 19 through its ARK Innovation ETF and ARK Next Generation Internet ETF.

The transaction amounted to approximately $7.5 million, based on the latest closing price of $79.32 per share – this follows a previous sale of Block shares worth $8.95 million earlier in the week.

 The sales are particularly noteworthy given Cathie Wood’s historical support for Block, leading some in the crypto community to criticized the move.

What Is Cathie Wood’s Favorite Investment?

During an appearance on CNBC’s Squawk Box in 2021, Cathie Wood said Ethereum is better than BTC – according to Wood, Ethereum is still in its infancy compared to Bitcoin – she added that institutions will move more into DeFi and NFTs, which would “accelerate” its growth.

“The fact that it is the venue, or the protocol, for DeFi and for NFTs suggests to us that it is even more undervalued than Bitcoin is, just because new worlds are growing up on top of it,” Wood told CNBC.

She didn’t add a price prediction, but if, at the time, she believed Bitcoin would reach $500,000, you can begin to imagine the heights of her belief in Ethereum.

Explore: What is DePIN? Here Are 3 DePIN Crypto To Watch – March 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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