Ark Invest CEO and co-founder Cathie Wood said that she is sticking with her prediction that bitcoin will hit $500,000 in the next 20 years. According to an interview with Bloomberg on May 10, Wood reaffirmed her belief that the cryptocurrency will hit the half-a-million-dollar mark in 2038. She said: “I don’t know if I would say [bitcoin’s rise past $5,000] is a bubble. I’d say this is a very rapid run-up and I’m just going to sit back and watch.” She added: “This is a capitulation phase. Once you’re past that, you start looking at the fundamentals
When asked about his opinion of the current cryptocurrency price trend, Ark Invest CEO and co-founder, Cathie Wood, has stated that the current bearish market is just a “capitulation phase” that signals a price bottom for Bitcoin (BTC) and the rest of the markets.
Ark Invest CEO and Co-Founder, Cathie Wood, recently reaffirmed her $500,000 price prediction for bitcoin by 2022. During an interview with CNBC, Wood claimed that bitcoin is currently in a “capitulation phase” that indicates that the bottom is near for the cryptocurrency market.. Read more about bitcoin price prediction 2025 and let us know what you think.Ark Investment Management (Ark Invest) CEO Katie Wood is still predicting a bitcoin price of $500,000. According to her, all indicators point to a capitulation phase, which is a good time to buy any asset.
Ark sees bitcoin reach $500K
Katie Wood, CEO of Ark Invest, shared her views on the current state of the bitcoin market and her prediction on how high the price of the cryptocurrency will rise in an interview with Bloomberg on Wednesday. Wood had previously predicted that the price of bitcoin would reach $500,000. With the current turmoil in the market and the sell-off of several cryptocurrencies, she was asked if she stands by her prediction. Referring to the work of his company’s cryptanalyst, Wood replied: We will. I want it, he said: Yes, our convictions are just as high. She continued: The only thing that has changed here is that the environmental issues with bitcoin in particular have made people like Elon Musk take a step back and say: Wow, let me make sure I understand. Tesla, Musk’s electric car company, recently announced that it will no longer accept Bitcoin payments due to environmental concerns. However, Musk confirmed that Tesla has not sold its bitcoins. When the price of bitcoin collapsed this week, Musk posted on Twitter an emoji with a diamond hand, suggesting that Tesla would not sell its bitcoins. Wood talked about how some people, like Musk, are concerned about the environment, explaining: We think this too will change, because first of all, the percentage of bitcoins mined from renewables and hydropower is already quite high. I think China has a renewable energy share of more than 50%. She also cited a paper written by Ark Invest in partnership with Square Inc. that claims bitcoin is the key to a future abundance of clean energy. Ark also argued this week that bitcoin mining can be positive for the environment. When asked how far the price of bitcoin could fall from its current level, Wood said: You never know how deep the market is when things get very emotional. She added that many traders see bitcoin falling below its 200-day moving average of $40,000. So when that happened, the traders left. Some people stop and run away. However, the CEO of Ark Invest said: I think we’re in the surrender stage. She said all indicators point to us being in a capitulation phase, which is a very good time to buy any asset. The transfer phase is the purchase. It’s for sale. Wood acknowledged that some traders might continue to sell their cryptocurrencies, but stressed: All of our indicators say that this is now a surrender. Do you agree with Katie Wood on bitcoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Investors remain optimistic about the future of the world’s most popular cryptocurrency. Some think the price will eventually reach $1 million, while others project $5,000. And while the latter figure seems more realistic, there are a few who remain committed to the $500,000 number.. Read more about bitcoin price usd and let us know what you think.
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