Under the title "A Famous Investor Still Believes in Bitcoin... Predicts an Unprecedented Surge!", Al Arabiya published news about investor Cathie Wood's steadfast belief in cryptocurrencies, even amid the significant decline of Bitcoin which wiped out $500 billion from the coin's market cap peak. The CEO of Ark Investment Management stated in an interview on Bloomberg that she still expects the cryptocurrency to reach a price of $500,000.
She pointed out that with the sell-off in volatile sectors of the stock market amidst inflation concerns, Bitcoin is also declining, trading last at just under $38,000. She said, "We're going through a time of soul-searching... Yes, our belief is just as strong."
Despite Elon Musk creating some tensions around Bitcoin due to its environmental impact, Wood mentioned that once renewable energy sources are integrated into Bitcoin mining technology, as she anticipates, "Elon will come back and be part of this ecosystem."
She suggested that Musk's rapid change of opinion regarding the largest cryptocurrency might be driven by opposition from institutional shareholders such as BlackRock. Despite its long-term condemnation, Bitcoin and other cryptocurrencies may face more pain before they return to rising.
Wood has consistently purchased shares of Coinbase Global over the past two weeks, as the cryptocurrency platform's stock fell below its IPO price from April to a new record low on Wednesday. Due to the recent declines, following Musk's comments on mining, and other reports from China declaring Bitcoin unfit for use as a payment method, the value of over 7,000 cryptocurrencies tracked by CoinGecko has shrunk by more than $600 billion in the past week, down to $1.9 trillion, with Bitcoin, the largest cryptocurrency, dropping approximately 11% on Wednesday to below $40,000.
