Ark Invest CEO Cathie Wood isn't backing off her sky-high predictions about crypto.
In Ark Invest's Big Ideas 2023, Wood suggested bitcoin's long-term opportunity was strengthening.
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"The price of one Bitcoin could exceed $1 million in the next decade," the Jan. 31 report said.
"Despite a turbulent year, Bitcoin has not skipped a beat," it reasoned. "Its network fundamentals have strengthened and its holder base has become more long-term focused."
She discussed her investment management firm's positive outlook for Bitcoin on CNBC Feb. 1 when asked if she still believes a bitcoin can reach $500,000.
"In fact, we are a little higher than that in our base case for the year 2030, and in our bull case, much higher," she said, according to Benzinga March 14. "This idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the two best manifestations of that in the crypto world."
CNBC's Jim Cramer, who sold his Bitcoin and Ethereum stakes in 2021, wasn't buying it and laughed out loud at Wood's predictions.
It's as if she's "looking at a painting upside down," he said, according to Benzinga.
"That was funny. I mean I said 'hoo-ha,' I laughed," Cramer said.
"When I was in the Sea of Galilee and I walked on water, it was a pretty good time," he said. "I'm trying to find something that could be as outlandish!"
Wood appeared on CNBC again on March 9 and said that a concept was proven with the collapse of crypto in 2022.
"It was centralized, opaque institutions that failed," Wood said. "And some of that was because of fraud. If you looked at the blockchain technologies of Bitcoin blockchain and Ethereum, they really didn't skip a beat."
