Cathie Wood Expects Bitcoin (BTC) to Rise to More Than $500,000 Over Next Five Years

September 14, 2021 11:21 AM EDT

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Cathie Wood, the founder and CIO of Ark Invest, believes the Bitcoin (BTC) price could exceed $500,000 over the next five months.

Speaking at the SALT conference in New York yesterday, Wood reiterated her bullish stance on cryptocurrencies, namely Bitcoin and Ethereum (ETH).

“We believe that the price will be tenfold of where it is today. So instead of $45,000, over $500,000,” said Wood.

"Ether, however, is seeing an explosion in developer activity thanks to NFTs and DeFi. 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."

“Confidence in Ether has gone up dramatically as we’ve seen at the beginning of this transition from PoW to PoS. We’ll still probably do 60% BTC and 40% ETH,” Wood added.

As of August 05, ARK Investment Management owned 721,936 shares of Grayscale Ethereum Trust, estimated to be worth $16.2 million at that time.

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