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Arch Invest’s Kathy Wood doubles down on $500K bitcoin prediction, discusses crypto regulation – Markets and Prices Bitcoin News

Ark Investment Management CEO Cathy Wood expects the price of bitcoin to exceed $500,000 in five years, which is 10x higher than it is today. He shared his thoughts on cryptocurrency regulation and Coinbase’s troubles with the US Securities and Exchange Commission (SEC).

Kathy Wood’s Ark Investment Predicts $500K in Bitcoin

Cathy Wood, CEO of Ark Investment Management (Ark Invest), discussed bitcoin and crypto regulation in an interview at the SALT conference on Monday. Wood is also the firm’s founder and CIO.

He was asked what the price of bitcoin would be five years from now. Wood responded, “If we are right and companies continue to diversify their cash into something like bitcoin, then institutional investors start allocating 5% of their funds … into bitcoin, or other crypto, ” Then:

We assume that the price will be ten times what it is today, so instead of $45,000, [it would be] over $500,000.

Wood also commented on cryptocurrency regulation. Based on his meetings with state, local and federal regulators, he described: “Our working assumption from the outset was that … no regulator wants to be blamed for stopping the next big technology breakthrough happening in America. Was”

He said he was “really pleased” that the SEC’s chairman, Gary Gensler, “understands crypto and in particular understands the strengths of bitcoin.” Nonetheless, she said, “although he is a regulator and he is a staunch regulator.”

The CEO of Arch Invest then spoke about cryptocurrency exchange Coinbase’s trouble with the SEC regarding its loan offerings, noting that she was “shocked” to hear that Coinbase received a Wells notice. “Are you kidding? They haven’t even released the product. What is it?” he said.

Coinbase revealed last week that it received a Wells notice from the SEC. However, the exchange said that it does not know what the SEC’s problem is with its lending product. “We do not know why…we have not received any explanation from the SEC,” the exchange wrote.

“I think what Wells notice is doing is a call out by the regulators saying we have to discuss this stuff because it’s happening very quickly and I think we’re going to get the courts into the system. are,” Wood said, adding:

It happened in Canada. A company called 3iq sued the regulator there and won in court to allow them to issue bitcoin ETFs. [exchange-traded funds], and also locked in funds and ether.

He concluded: “So, I think Coinbase doesn’t mind that and if you see the stock’s reaction, it probably doesn’t budge.”

When asked which cryptocurrency she would invest in if she could choose just one, Wood said she would default to bitcoin “because countries are now considering it legal tender.” The Arch Invest executive is referring to El Salvador, where the country’s bitcoin law came into force on September 7, making BTC legal tender alongside the US dollar.

Do you agree with Kathy Wood? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

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