- Cathie Wood took part in the “Bloomberg Markets: The Close” during which she explained why she has faith in crypto.
- The tech entrepreneur believes that Bitcoin would reach a value of 1 million per coin by 2030.
- Wood added that the crypto space is vast that it cannot be shattered with the fall of FTX.
Cathie Wood, the CEO, CIO, and founder of Ark Invest, the American Investment Management Firm, explained, during her speech at “Bloomberg Markets: The Close”, why she still trusts cryptocurrencies even after the fall of FTX. She added that she has faith in cryptocurrency as she believes that it will move on.
Wood comments that she expects growth in the value of Bitcoin stating that by 2030, Bitcoin will reach a value of 1 million per coin:
Cathie Wood says Bitcoin will be worth $1 million per coin by 2030 https://t.co/vAsivItDsa pic.twitter.com/2Jz6QgFHdW— Bloomberg Crypto (@crypto) November 23, 2022
According to Wood, the winners or the survivors can only be found after a battle test. She added that Bitcoin has been successful in the battle test and comes out “smelling like a rose.” Though there is still confusion, after some “homework” and understanding of what has been happening, people would be “more comfortable in moving into Bitcoin”.
Furthermore, she stated that the blockchains like Bitcoin and Ethereum have good infrastructure and technologies, and have not been shattered during the severe crypto conditions. The all-time high hash rate of Bitcoin is also an indicator of the “security of the network”.
Wood also shared her views on Coinbase (NASDAQ:COIN), calling it a strictly “regulated company”, intending to protect investors, which directs to its comeback as even stronger after the FTX crash.
In addition, when she was asked about her views on the decline in people’s interest in crypto after FTX fall, she said that it is not the lack of interest, but the people’s perspective; the sudden crash of the industry inflicted fear upon investors.
Moreover, she explained the facts and ideas regarding the vast crypto ecosystem, which cannot be shattered as a whole, with the fall of one or more crypto industries, which form only a part of it. She exemplified this by citing the names of some American bankers including Lehman Brothers and Bernie Madoff.
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