Image: Crypto Revolution
ARK Invest CEO Cathie Wood is convinced that the cryptocurrency revolution cannot be stopped. She expects the Ethereum market cap to grow 50x over the next decade and Bitcoin to reach $1 million by 2030.
In a recent interview with CNBC, ARK Invest CEO Cathy Wood expressed optimism about the future of cryptocurrencies, emphasizing that they cannot be stopped despite the recent market downturn, according to UToday. ARK Invest outlined its three revolutions around cryptocurrencies in its “Big Ideas” report that was published earlier this year.
“We do believe that the revolution around #crypto is underway and it will not be stopped," says @CathieDWood. "We do believe that digital property rights which NFTs represent are going to become incredibly important.”June 28, 2022
The firm believes that Bitcoin and Ethereum represent a “money revolution,” by creating the world's first private digital monetary system.
Decentralized finance (DeFi) is leading the financial services revolution. “We are impressed at how robust the ecosystem has been,” Wood said.
She said her team expected the collapse of Terra to cause a major chain reaction, but the Ethereum blockchain held up very well. Earlier in the report, ARK predicted that Ethereum's market cap could increase 50x over the next decade.
In addition, Ark is also convinced that the Metaverse and non-fungible tokens (NFTs) represent a new generation of the internet. Wood believes this revolution is still in its infancy. She is convinced that digital property rights provided by NFTs will become “incredibly important.”
“We're gonna find all kinds of utility, and we can't even think of it right now,” Wood remarked.
ARK previously predicted that the price of Bitcoin would rise to $1 million by 2030, in the “Big Ideas” report. This is the boldest prediction to date.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.