A wind of uncertainty is blowing on the markets, while cryptocurrency prices are struggling to regain momentum. But for Cathy Wood, the ecosystem is not in danger. The CEO of Ark Invest has indeed just massively bought shares of Coinbase and GBTC, and reiterates her optimistic forecast for the price of Bitcoin (BTC).
Cathy Wood and Ark Invest make the sales
Doubts have dominated the ecosystem since the fall of the giant FTX, while the CEO of Binance, Changpeng Zhao, seems to take pleasure in making his competitors falter. But that doesn’t seem to have scared off Ark Invest CEO Cathy Wood. which this week reiterates its confidence in the sector.
Ark Invest has indeed just purchased nearly a million shares of the Grayscale Bitcoin Trust (GBTC), even as the company has drawn investor suspicion in recent days. As Cathie’s Ark tracker shows, Ark Invest made two massive purchases in a row, on November 15 and November 21.
👉 Find our guide – How to buy Bitcoin in 2022?
GBTC, which is supposed to track the price of Bitcoin (BTC), has been trading for a few days at a much lower price, and the price of BTC itself has suffered a significant drop. Ark Invest has therefore appropriated a large part of this investment tool at an unbeatable price.
It should also be noted that according to Bloomberg, Ark Invest also replenished with Coinbase shares. This is also a strong gesture: the American exchange platform found itself affected by the collateral damage of Grayscale. It is indeed she who holds the BTC backing the GBTC, as she tried to prove to a particularly suspicious community.
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Bitcoin (BTC) to a million dollars by 2030?
Speaking to our colleagues at Bloomberg, Cathie Wood also reiterated her very optimistic price forecast for Bitcoin. She considers that the latter will reach one million dollars by 2030. Moreover, she believes that the current crisis in the ecosystem is not inevitable:
“We sometimes need to confront crises, first of all to see who survives. But also to test the infrastructure and theses. We think again that bitcoin will do just fine.»
Wood notes that the period could slow down the arrival of institutional investors, as we can already see with the GBTC. But according to her, the latter will “do their homework” and the crisis will allow them to better understand the ecosysteme :
“I think they will then be more open to the idea of buying Bitcoin, and perhaps Ether, as a first intention.»
A rare optimism at the moment, which also underlines a point: the fundamentals of BTC are still present, and have not been put at risk. The great purge of centralized players is underway, and it will surely be a key milestone in the history of cryptocurrencies.
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Source: Cathie’s Ark, Bloomberg
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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