Cathie Wood backs $1m BTC growth prediction

The optimistic CEO of Ark Invest has full faith in Bitcoin regardless of the current crypto market chaos.

Ark Invest CEO Cathie Wood stands by her prediction that Bitcoin (BTC) will increase to $1m by 2030.

Despite concerns regarding the meltdown of Sam Bankman-Fried’s digital exchange FTX, the investment management executive is bullish on her BTC skyrocketing analysis.

Among a hubbub of industry professionals' doubtful views of the market's speedy recovery, Wood does not share the same consternation and believes setbacks are helpful to weed out important and valuable projects.

In a recent interview with Bloomberg, she said: “Sometimes you need to go through a crisis to see the survivors. Bitcoin is coming out of this smelling like a rose”.

When considering BTC and Ethereum (ETH) in the current environment, Wood voiced that the infrastructure of both cryptocurrencies “has not skipped a beat”.

With both hash rates at an “all-time high” indicating the “security of the networks”, Wood is continuing to back her enthusiasm for a $1m 2030 BTC prediction.

Additionally, unfazed by the Grayscale Investments’ Grayscale’s Bitcoin Trust’s (GBTC) price crash, with its shares decreasing dramatically amid the crypto winter, Wood’s company recently purchased over 176,000 shares worth approximately $1.5m followed by another $273k shares thereafter.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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