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Bitcoin to explode over 5900%, exit bear market ‘smelling like a rose’: Cathy Wood of ARK Invest

Bitcoin to explode over 5900%, exit bear market 'smelling like a rose': Cathy Wood of ARK Invest

The founder and CEO of investment firm ARK Invest is doubling down on his prediction that Bitcoin (BTC) will hit a seven-figure price by 2030.

Asked during an interview with Bloomberg if she is sticking to her prediction that Bitcoin will hit $1 million in eight years, ARK Invest CEO Cathy Wood said she is.

Claiming that Bitcoin will come out of the market downturn “smelling like a rose,” Wood says that institutional investors will be more comfortable investing in the flagship crypto asset and Ethereum (ETH) once they understand them better.

“We think that Bitcoin will come out of this rose-smelling one because of what I mentioned earlier. And I do think, however, that the only thing that will be delayed is perhaps that the institutions will step back and just say, “OK, do we really understand that?” And once they actually do their homework and see what happened here, I think they’ll be more comfortable moving to Bitcoin. And possibly Ether as a first stop.”

Bitcoin is trading at $16,556 at the time of writing and needs to rise by around 5,940% to meet Wood’s prediction.

According to the CEO of ARK Invest, Bitcoin and Ethereum have proven their resilience and viability in the face of the crisis caused by the recent collapse of the giant cryptocurrency exchange FTX.

“If you look at blockchains… let’s use the Bitcoin and Ethereum blockchain. You will find that they have the infrastructure, the technology has not lost momentum throughout this crisis. In fact, Bitcoin’s hash rate is at an all-time high, and this is a real indicator of the network’s security.

In Ethereum, we see a total staking value of $24 billion. This is a record figure. So we think the infrastructure is working great.”

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Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making any risky investment in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Katynn/Reds

Written by khirou

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