Cathie Wood a long-time crypto bull stands firm in her forecast that Bitcoin (BTC-USD" title="Bitcoin USD">BTC-USD) will be valued at $1M per coin by the year 2030. If Wood’s estimates are to be true, Bitcoin would need to rally roughly 6,000% over the next eight years.
Wood stated in a TV interview with Bloomberg that the latest failure from FTX and other crypto organizations lends support to Bitcoin as it further helps to “battle test” the “infrastructure and the thesis” of the digital currency.
Wood also highlighted that from all the talk on the crypto landscape, Bitcoin has come out of this “smelling like roses.”
Wood also purchased more than 175K shares of the popular Grayscale Bitcoin Investment Trust (GBTC" title="Grayscale Bitcoin Trust (BTC)">OTC:GBTC) this week in the recent aftermath that followed FTX’s collapse.
Wood recently padded her ARK Next Generation Internet ETF (NYSEARCA:ARKW" title="ARK Next Generation Internet ETF">ARKW) on Monday by adding 176,945 shares to her actively managed fund. With the latest influx of shares, ARKW now holds a $55.27M market valuation towards GBTC which also makes GBTC ARKW’s eighth largest portfolio holding with a 5.05% weighted allocation.
In other related ARK Invest news, Wood’s tech-focused ARKK Innovation ETF (NYSEARCA:ARKK" title="ARK Innovation ETF">ARKK) was able to close Tuesday’s session higher despite a sharp earnings-related slide in Zoom Video Communications, the fund's biggest holding.