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Cathie Wood, founder and CEO of Ark Invest, is unwavering in her belief that bitcoin will reach $1 million by 2030, despite the FTX crash and the subsequent downturn of the cryptocurrency market.
The fact that Cathie Wood’s firm just bought an additional 176,945 shares in Grayscale’s Bitcoin Trust (GBTC) suggests that she is unconcerned by the recent decline in the value of that asset.
Position Of Bitcoin Worsened By FTX Collapse
The FTX failure has only worsened the industry’s woes and driven away most of the industry’s investors. Even the most optimistic players in the market anticipate a lengthy period of recovery, and others don’t think the market will recover at all.
Cathie Wood of Ark Invest is not a member of that majority. She recently gave an interview to Bloomberg, where she reiterated her prediction that bitcoin would reach $1 million per coin. She believes that such failures can be instructive by revealing which ventures are worth pursuing.
“Sometimes you need to go through a crisis to see the survivors. Bitcoin is coming out of this smelling like a rose,” Wood states.
Cathie Wood On The Downside Of The FTX Crash
According to Cathie Wood, the only downside to the disaster is the decreasing interest from major financial institutions. However, she is optimistic that they will see the lines and accept the principal cryptocurrency.
A big drop in the value of GBTC’s shares resulted in their current price of roughly $8.40 representing a drop of almost 27%, if compared to last month’s numbers. Nonetheless, Grayscale made it clear that Genesis Global Capital does not participate in any of its products as a counterparty or service provider.
A short while ago, Genesis Global Capital has halted withdrawals after FTX demise. Despite this situation, Ark Invest is committed to increasing its holdings and has most recently acquired 176,000 GBTC’s shares for around $1.5 million.
Just last week, the company spent another $273,000. Due to the market turmoil induced by the FTX disaster, this development came as a shock.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.