According to Yahoo, Cathie Wood, the biggest crypto enthusiast and head of Wood’s Ark Innovation fund, is optimistic about the future of BTC. She believes that the first cryptocurrency may well soar by 6,000% up to $1 million.
Despite growing fears of a looming "crypto winter", fueled by a recent 65% crash in the value of bitcoin, Wood remains bullish on the digital currency. She assumes that the asset will see a strong rebound.
The crypto enthusiast expects the world’s largest cryptocurrency to surge to $1 million per coin by 2030. “Sometimes you need to battle test, you need to go through crises to see the survivors first of all,” Wood noted.
The head of the Wood’s Ark Innovation fund acknowledges that the crypto crisis could delay the institutional adoption of bitcoin. Nevertheless, she still believes that the coin will get out of this tight corner, “smelling like a rose.” In the meantime, the leading digital asset is trading around $16,400. Considering Cathie Wood's forecast that suggests an explosive rally to $1 million, BTC needs to add as much as 5,998%.
Earlier, Wood invested in Grayscale Bitcoin Trust (GBTC), whose shares reflect the value of its bitcoin holdings. However, the fund turned out to be in the red. Since early 2022, GBTC shares have dipped by 75%.
Furthermore, Cathie Wood's investment portfolio contains shares of major US crypto exchange Coinbase Global. Despite their recent collapse, the investor continues to hold them. Notably, Ark Invest's flagship fund Ark Innovation ETF (ARKK) holds 5.9 million Coinbase shares worth $257.1 million. Another large company as part of the ARKK holding is crypto fund Block. The Wood’s Ark Innovation ETF owns 6.26 million shares in Block worth $392.7 million.
