Cathie Wood Predicts In The Next Five Years The Price Of Bitcoin Reaches 500,000 US Dollars, Here's The Reason

Bitcoin price could break the 500.00 US dollar mark in the next five years. (photo: doc. unsplash)

JAKARTA - Bitcoin is predicted to be worth 500,000 US dollars (Rp 7.1 billion) in the next five years. This analysis was delivered by Cathie Wood of Ark Invest, recently. Moreover, his confidence in Ether has increased and the company is likely to invest 40% in it, while 60% in Bitcoin.

Ark Invest CEO Cathie Wood herself expects Bitcoin to rise to $500,000 in five years. While at the time of writing Bitcoin is still perched at a price of 47600 US dollars (Rp 677,590,803)

As CEO of Ark Invest, an investment firm specializing in disruptive innovation, he also made that statement while speaking at the annual SALT conference on September 13. He said the same in an interview with CNBC's Andrew Ross Sorkin, and made very bullish statements about Tesla, semiconductors, and cryptocurrencies.

Wood said his company believes it will continue to diversify their money and will invest in something like Bitcoin. This will lead to a rapid increase in prices, and in five years it will be ten times higher than today, reaching 500,000 US dollars.

“If we are right and companies continue to diversify their money into something like Bitcoin, and institutional investors start allocating 5% of their funds, we believe that the price will be ten times the current price. So instead of $45,000, it could be more than $500,000."

This well-known investor said that if he was asked to only have one cryptocurrency, then he would choose Bitcoin by default as some countries now consider it a legal tender.

Apart from Bitcoin, Wood also talked about the potential of Ether. "Ether, however, is seeing a boom in developer activity thanks to NFT and DeFi," he said. “I am blown away by what is happening at DeFi, which is bringing down infrastructure costs for financial services in a way that I know the traditional finance industry doesn't appreciate right now,” Wood continued, referring to the recent changes in the Ethereum Network, and the release of update 2.0.

In this case, Ark's trust in Ether has grown significantly, so the company will most likely invest 40% in it, while 60% in Bitcoin.

“Our trust in Ether has increased dramatically as we have seen the beginning of this transition, from proof of work to proof of stake. We will probably still be doing 60% Bitcoin, 40% Ether,” said Wood.