The Chief Executive Officer of Ark Investment Management, Cathie Wood, has been seen predicting the future value of Bitcoin. She optimistically gives her estimation of the future value of Bitcoin as more than half a million dollar per coin in the next five years. She furthermore expressed her view on the concerns of Coinbase in relation to the US Regulator as well as the issue of regulating crypto.
SALT conference has been concluded on 13th of September, 2021, in which Cathie Wood was also present and representing Ark Investment Management. During the conference, Wood was interviewed and asked to respond to question in respect of cryptocurrencies and the regulation dilemma. She was further specifically questioned to give thoughts over Bitcoin’s future in the next 5 years and what value of Bitcoin she is expecting.
While responding to the question of Bitcoin’s future value she said that the future rests on the investment from the institutional sector. She explained that if institutions continue to keep investing 5% of into crypto, then the next 5 years will be promising for Bitcoin. According to Wood, if Bitcoin’s present value is around US$ 50,000 then after five years it will be increased 10 times more. What she meant was that the projected value of Bitcoin after 5 years will be above half a million dollar i.e. US$500,000. She also suggested that she is highly optimistic about the anticipated value which, according to her, is very much possible.
She then moved onto answering the question regarding regulation of cryptocurrencies. She told the interviewer that she had met several times with the representatives of the regulators, politicians and bureaucrats. However, until the new Chairman of Securities & Exchange Commission (SEC) has resumed the charge, she was concerned about crypto future. She expressed her appreciation by saying that she is glad that Gary Gensler was given the task to chair SEC. She suggested that Gensler is fully conversant with the concept of crypto and will be instrumental for the future of crypto in the US. Wood also appreciated Gensler by mentioning that she is relaxed that Gensler takes Bitcoin not for granted but on merits.
Wood then wrapped up her interview by responding to the third and last question which involved Coinbase and SEC. She claimed that like others, she was also amongst those who were utterly shocked with SEC’s treatment towards Coinbase. To her, the sending of the “Wells” notice was unnecessary and something which wasn’t required at all. She said that it is preposterous on the part of SEC to target a particular product which otherwise hasn’t been launched into the market. It is like killing a person assuming that he was going to kill the other. She said that it was inappropriate for SEC to even send such a notice in the first place. However, what is more unfortunate is that till today, there hasn’t been any explanation tendered by SEC.