Bitcoin to $1.5 Million? Cathie Wood Says Her Confidence Has Increased

Cathie Wood is an American investor and the founder, CEO, and CIO of Ark Invest, an investment management firm that invests in innovations like self-driving cars and genomics. She was born in Los Angeles, the eldest child of immigrants from Ireland. Wood's father served in the Irish Army and the United States Air Force.0 She registered ARK Investment Management LLC as an investment adviser with the U.S. Securities and Exchange Commission in January 2014. With over 40 years of experience identifying and investing in innovation, Wood founded ARK to focus solely on disruptive innovation while adding new dimensions to research.
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Ark Invest CEO Cathie Wood is bullish on Bitcoin, pointing to her firm's internal analysis to illustrate her optimistic outlook.

"Our bull case, I think it's $1,500,000 per coin, the best case is $625,000 (something like that)," Wood said during a recent Bloomberg interview.

She went on to explain that her confidence in this prediction has risen due to the regional bank crisis that took place in March. In her view, Bitcoin is "a hedge against counterparty risk."

During her interview, Wood also discussed the performance of her primary ETF, Ark Innovation. Critics have claimed her investment strategy was losing steam, but Wood maintains that Ark's active management approach is making a comeback. This approach has helped the fund outperform the NASDAQ 100, even without the mega-cap tech stocks.

Wood also addressed fund flows, noting that Ark funds have experienced positive inflows since July after significant outflows in early 2023. Wood attributes this turnaround to a "breakout" in her investment strategy, which has attracted more technically oriented investors.

Addressing the topic of cryptocurrencies further, Wood expressed her optimism for Coinbase, especially following a court ruling that favored Ripple over the SEC. This optimism, however, has not deterred her from reallocating some of her Coinbase stake toward what she termed as "some laggards," like genomic companies and Teradyne.

Wood's conviction in Bitcoin as a hedge against counterparty risk, combined with her strategic investment in "laggards," offers a glimpse into her forward-thinking and aggressive investment strategy, which continues to generate notable attention and debate in the investment world.
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Bloomberg Interview: https://twitter.com/DocumentingBTC/status/1681277645768540161