Cathie Wood, CEO of Ark Investment Management, predicts that the price of bitcoin will reach more than $500,000 in five years, or more than ten times what it is today. She also discussed cryptocurrency regulation and Coinbase’s problems with the Securities and Exchange Commission in the United States (SEC).
In an interview at the SALT conference on Monday, Cathie Wood, CEO of Ark Investment Management (Ark Invest), discussed bitcoin and crypto regulation. Wood is also the company’s founder and chief information officer.
She was asked how much bitcoin will be worth in five years. Wood responded, “If we are right and companies continue to diversify their cash into something like bitcoin, institutional investors start allocating 5% of their funds into … bitcoin, or other crypto,”
“We believe that the price will be tenfold of where it is today, so instead of $45,000, over $500,000.” se said
Wood also spoke about cryptocurrency regulation. She described her meeting with state, local, and federal regulators as follows: “Our working assumption from the beginning was that … no regulator wanted to be blamed for preventing the next big technology breakthrough to happen in the U.S.”
She went on to say that she is “really happy” that the SEC’s chairman, Gary Gensler, “understands crypto and understands the merits of bitcoin in particular.” Nonetheless, she stated, “He is a regulator, and a hardcore regulator.”
The CEO of Ark Invest then discussed Coinbase’s difficulties with the SEC for its loan programme, saying she was “shocked” to learn that Coinbase had received a Wells Notice. “Are you serious? They haven’t even launched the product yet. “What is this?” she enquired.