Cathie Wood still sees bitcoin hitting $1 million by 2030 as the current crisis will have the token 'coming out of this smelling like a rose'
- Cathie Wood reiterated her forecast of bitcoin hitting $1 million by 2030 in a Bloomberg interview Tuesday.
- She believes the underlying technology of the blockchain will give bitcoin staying power.
Despite the collapse of FTX and prolonged digital-asset bear market, Ark Invest's Cathie Wood isn't pivoting from her crypto bullishness.
"Sometimes you need to battle test, you need to go through crises... to see the survivors," she said.
Bitcoin — the world's largest cryptocurrency by market cap — has shed 64% of its value this year, but Wood views the so-called crypto winter as an opportunity to put the token's infrastructure and investment thesis to the test.
"We think bitcoin is coming out of this smelling like a rose," she maintained.
On Wednesday, it rose 2% to $16,488.
Wood conceded, however, that the collapse of FTX and downbeat market could give institutional investors reason to delay crypto adoption. But that, too, ultimately presents a learning opportunity for investors.
"And once they actually do the homework and see what's happened here, I think they might actually be more comfortable moving into bitcoin, and perhaps ether, as a first stop because they'll understand it more," she said.
Similar to bitcoin, ether — the second largest crypto by market cap, behind bitcoin — has shed nearly 70% of its value year to date.
Still, Wood remains bullish not only on the tokens but crypto more broadly. She has bought the dip in shares of crypto exchange Coinbase, adding $53 million this month, and also snapped up more shares of Grayscale Bitcoin Trust and Silvergate Capital.
In 2022, those three stocks are all down more than 75%, though Wood isn't concerned.
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