- Cathie Wood reiterated her forecast of bitcoin hitting $1 million by 2030 in a Bloomberg interview Tuesday.
- She believes the underlying technology of the blockchain will give bitcoin staying power.
- “Sometimes you need to battle test, you need to go through crises… to see the survivors.”
Despite the collapse of FTX and prolonged digital-asset bear market, Ark Invest’s Cathie Wood isn’t pivoting from her crypto bullishness.
In a Tuesday interview with Bloomberg, the Ark Invest chief executive reiterated her forecast for bitcoin to hit $1 million by 2030, a call that her firm published earlier this year.
“Sometimes you need to battle test, you need to go through crises… to see the survivors,” she said.
Bitcoin — the world’s largest cryptocurrency by market cap — has shed 64% of its value this year, but Wood views the so-called crypto winter as an opportunity to put the token’s infrastructure and investment thesis to the test.
“We think bitcoin is coming out of this smelling like a rose,” she maintained.
On Wednesday, it rose 2% to $16,488.
Wood conceded, however, that the collapse of FTX and downbeat market could give institutional investors reason to delay crypto adoption. But that, too, ultimately presents a learning opportunity for investors.
“And once they actually do the homework and see what’s happened here, I think they might actually be more comfortable moving into bitcoin, and perhaps ether, as a first stop because they’ll understand it more,” she said.
Similar to bitcoin, ether — the second largest crypto by market cap, behind bitcoin — has shed nearly 70% of its value year to date.
Still, Wood remains bullish not only on the tokens but crypto more broadly. She has bought the dip in shares of crypto exchange Coinbase, adding $53 million this month, and also snapped up more shares of Grayscale Bitcoin Trust and Silvergate Capital.
In 2022, those three stocks are all down more than 75%, although Wood isn’t concerned.