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Ethereum Is Undervalued Than Bitcoin According to Cathie Wood

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Cathie Wood is one of the Street’s biggest bulls when it comes to the potential value of cryptocurrencies like Bitcoin. However, she feels that another cryptocurrency may have even more upside potential.

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The well-known investor, the founder, CIO, and CEO of Ark Investment Management, which is recognised for its themed exchange-traded funds (ETFs), hasn’t held back in predicting how high Bitcoin can go. Wood has been telegraphing her estimates of Bitcoin’s potential future value for some time, and even as the price of Bitcoin has fallen, she has continued to make bullish predictions:

 “The move actually by institutions into Bitcoin, if we were to choose Bitcoin and that seems to be their first stop, could add $500,000 to Bitcoin’s price if they move into roughly 5% over time,” a figure she’s referenced before, Wood reiterated on CNBC’s “Squawk Box” on Thursday.

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Following a recent selloff, Bitcoin is now worth around $48,000 as of Thursday evening trade. But, even if she believes Bitcoin will soar, Wood feels Ethereum, the other steadfast cryptocurrency whose blockchain technology supports the likes of decentralised finance, or DeFi, and non-fungible tokens, or NFTs, may be even more undervalued at its current prices.