Ark Investment Management founder and CEO Cathie Wood – a longtime bitcoin bull – has thrown herself into the Coinbase mess involving the Securities and Exchange Commission (SEC) and is defending the exchange. She also believes bitcoin could jump into $600K territory within the next seven years.
Cathie Wood on Where Bitcoin Will Go
Wood mentioned she thinks the SEC is going about the situation all wrong. All the agency wants to do is persecute when the rules are either nonexistent or difficult to understand. She believes there’s a checks and balances system in the United States that will come to full effect following the culmination of the lawsuit. She also believes that Coinbase is likely to come out on top when this is all over.
Lastly, she mentioned that issues like this keep arising in recent weeks, and she’s confident that these sorts of situations are going to hold serious sway in the 2024 presidential election. She commented that people are tired of the government simply going after people or entities that don’t fall in line with its beliefs, and that people are likely to do something about this with their votes. She commented:
No, we’re actually betting on the checks and balances inherent in our government. The SEC and uncertainty around [cryptocurrencies] are chasing digital asset business away from this country. I think the legislative branch understands it. This will be an election year issue.
Her conversation then transitioned from Coinbase to the price of bitcoin. Wood has constantly made comments that bitcoin could reach more than $1 million by the year 2030, and while she’s backtracking on that a bit in this recent interview, she did mention that the world’s number one digital currency by market cap will at least stand beyond $600,000 over the next seven years. She said:
This is the first global private, no government oversight, digital rule-based monetary system, and there’s a lot of discipline here.
She commented that bitcoin is also gaining a lot more respect given the banking debacle that happened in America early in the year. She said the currency’s price rose several times while banks crashed, and she believes people see bitcoin as more of a “safe haven” than ever.
The Banks Have Helped BTC
She commented:
If you all notice, the regional bank stocks were imploding, and bitcoin went from $19,000 up to roughly $30,000, so what was that? That was a flight to safety. A flight to safety, think about that. We think all innovation is going to be a flight to safety.
If Wood is right and bitcoin is indeed on a fast track to $600K, this would mark a huge difference from where it was just last year, when the currency crashed and fell into the mid-$16K range.
