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Cathie Wood Repeats Her $1M Bitcoin Bet

                                                            <span data-preserver-spaces="true">Trotz des Zusammenbruchs der FTX und des darauffolgenden Niedergangs des Cryptowährungsmarktes hält die Gründerin und CEO von Ark Invest – Cathie Wood – an ihrer Vorhersage fest, dass Bitcoin bis 2030 auf 1 Million Dollar steigen wird.</span>

She also appears unfazed by Grayscale’s bitcoin trust (GBTC) price plunge as her company bought an additional 176,945 shares.

BTC Bull Independent of reality

The shocking collapse of crypto exchange FTX deepened troubles in the crypto sector and wiped out much of investor interest. Even the most optimistic industry participants believe it will take a long time for the market to bounce back, while others don’t see it at all.

Ark Invest’s Cathie Wood is not part of this club. In a recent interview For Bloomberg, she doubled down on her prediction that Bitcoin is headed for $1 million apiece. From their point of view, such setbacks could be helpful as they show which are the valuable projects:

“Sometimes you have to go through a crisis to see the survivors. Bitcoin comes out smelling like a rose.”
Cathie Wood Repeats Her $1M Bitcoin Bet, Crypto Trading NewsCathie Wood. Bloomberg
Wood believes that the only downside to the disaster is the lack of interest from major institutions. However, she believes that she will soon take advantage of the primary cryptocurrency recognize and accept them. BTC enthusiasm should return in the next few years, meaning it will reach its milestone by 2030, Ark Invest’s board of directors concluded.

She’s also optimistic about Ethereum and says it could be a subject of mass institutional acceptance for years to come.

This isn’t the first time Wood has set such an ambitious price target for Bitcoin. She joined Michael Saylor in April in predicting the asset will eventually reach that milestone.

Ark Invest increases exposure to GBTC

GBTC stock valuation has dropped significantly due to the ongoing crypto winter. They are currently trading around $8.40, down 27% from last month’s numbers.

Nonetheless, Ark Invest continues to grow its holdings and recently acquired more than 176,000 shares worth approximately $1.5 million. A week ago, the company bought another $273,000 worth of shares. This came as a surprise as it happened amid severe market turmoil caused by FTX’s disaster.

Grayscale’s GBTC is currently trading at a 42.7% discount to BTC spot prices. On November 18, the largest discount in the fund’s history was set when the number hit 45%.

GBTC is the largest Bitcoin fund, managing over 635,000 BTC. At the time of writing this, that amount equates to nearly $10.5 billion.

Source: Crypto News Deutsch

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