In a defensive interview CEO Cathie Wooden has stood by her thesis that Bitcoin will hit $500k by 2030.
Wooden is the forward-thinking head of Ark Invests and irs flagship tech-oriented ARKK ETF. Infamous for betting huge on the most recent and biggest in biotechnology.
In 2020, Wooden made headlines with an notorious prediction that Bitcoin (BTC) would hit $500k by 2030.
And in November 2022, she doubled-down when it emerged the flagship Ark Innovation ETF invested an extra $62.7m into the crypto area.
The capital was deployed to accumulate additional shares in Coinbase, Silvergate, and the Grayscale Bitcoin Belief. A courageous transfer every week after the collapse of behemoth FTX.
In 2020, the ARKK ETF underwent a sensational 150% rally. However market confidence within the ETF noticed witness to a 59% fall in 2022 (worse than the S&P500).
$500K is a Bearish prediction for BTC in 2030
Within the aftermath of a tough 12 months for crypto, Wooden jumped onto Andrew Sorkin’s CNBC Squawk Field to defend the daring thesis.
When requested whether or not Ark Innovation stood by her 2020 prediction:
“Sure – we’re slightly greater than that in our bearish case for 2030
“And in our bullish case a lot greater,” she added.
A formidable declare within the midst of an extended crypto winter which has seen BTC costs drop as little as $13,350 this 12 months – after FTX’s collapse.
Talking on Sam Bankman-Fried (SBF) the crypto evangelist defined the FTX saga has compelled a clear out within the area.
“[SBF] didn’t like Bitcoin in any respect, and he didn’t prefer it due to its decentralisation and transparency, however which firms went beneath?”, Wooden questioned.
“They have been the extremely centralised, non-transparent, opaque firms – so FTX, Celsius, 3 Arrows Capital (3AC),
When you take a look at what occurred to Bitcoin and Ethereum [the networks], they didn’t skip a beat, all transactions have been accomplished, all sensible contracts opened and closed.”
The high-flying stock-picker went on to elaborate on what this meant for the business.
“After the crypto fall out this 12 months, the collapse of so many firms, this concept of transparency and decentralisation is taking maintain,” she added.
Transparency and decentralisation appear to be a key a part of the Ark Innovation ETF. When Ark’s Analysis Director responded to the FTX chapter in November he raised the identical argument.
“Conviction in decentralised and clear public blockchains is as sturdy as ever,” mentioned Frank Downing.