Cathie Wood, CEO of Ark Invest, issued a bold price forecast for Bitcoin and complimented Ethereum.
Bitcoin prices, according to Cathie Wood, will increase tenfold in five years, reaching $500,000. On Sept. 13, the Ark Invest CEO made the big prediction while chatting with CNBC anchor Andrew Ross Sorkin at the SALT fintech conference in New York.
She went on to say that this forecast is contingent on corporations and institutional investors diversifying their portfolios by devoting 5% of their holdings to Bitcoin.
“We believe that the price will be tenfold of where it is today, so instead of $45,000, over $500,000.”
The financial expert went on to say that if she could only own one cryptocurrency, she would choose Bitcoin since “countries are now considering it legal tender,” but Ether is witnessing a surge in development activity.
Cathie Wood is also optimistic about Ethereum, which has risen 360 percent since the start of the year. She stated that Ark’s future exposure to crypto-assets would likely be split 60 percent Bitcoin and 40 percent Ethereum.
Wood went on to say that now that the shift to proof-of-stake has begun, the company is considerably more confident in Ethereum. However, she went on to say that decentralized finance is equally intriguing, particularly because of its potential to disrupt traditional finance.
“I’m fascinated with what’s going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now.”
She was adamant that crypto would not be over-regulated, claiming that no regulator wants to be responsible for the next great financial innovation.
Price Forecasts for Bitcoin and Ethereum
According to CoinGecko, markets have recovered a little today, with Bitcoin trading 4 percent higher on the day at $47,100 at the time of writing. BTC is presently trading above the 50-day and 200-day moving averages, which formed a golden cross just hours ago, and is at its highest price in a week.
Ethereum has gained 3.2 percent to $3,400 at writing, as hash rates reached an all-time high. However, ETH is still down somewhat over the last week, and it will need to break through a barrier above $3,500 to see additional gains.