Ark Invest CEO Cathie Wood joins Yahoo Finance Live to discuss the future of bitcoin.
BRIAN CHEUNG: Welcome back. Bitcoin has certainly had its ups and downs as of late– well, always has ups and downs, maybe a little bit more pronounced than usual. But last week, ARK Invest CEO Cathie Wood predicted that we could see Bitcoin cross the $1 million threshold between 2026 and 2030. Bold call. Our very own Julie Hyman– our very own Yahoo Finance’s Julie Hyman sat down with the CEO of ARK Invest to discuss the future of Bitcoin. Take a listen.
CATHIE WOOD: You know, it’s somewhere between 2026 and 2030 is where we think that million dollar from $40,000– I don’t think people believed me when I said it on stage last week at Bitcoin 2022. But I meant it, and many people think, OK, so you’re assuming that institutional investors become huge holders of Bitcoin. No, we’re not. We’re assuming, though, that they will move in gradually. And by the time we hit a million dollar plus, they will have a 2 and 1/2% exposure to Bitcoin.
BRIAN CHEUNG: OK, so a lot to unpack there. A bold call, certainly. I would argue that it’s hard for anyone to predict anything that’s going to happen almost 10 years from now. But Akiko, a $1 million call. I mean, look, we’ve actually heard crazier before, haven’t we?
AKIKO FUJITA: That’s a generous take, Brian. You’re giving her an out. We can’t predict much–
BRIAN CHEUNG: Go ahead. Go, Akiko.
AKIKO FUJITA: –10 years from now. Let’s go based on her performance. And I would say, you have to applaud Cathie Wood for her conviction. She’s certainly an investor who has conviction in her– what she invests in. But let’s talk about her flagship fund. It is down roughly 50% year on year. So a million dollar call or whatever her call is on Bitcoin, I’m just curious, are people listening? Are people going to take her word? I don’t know.
BRIAN CHEUNG: I did not realize you felt so passionately about this, Akiko. I mean, look, at the end of the day, the crypto– the whole premise of crypto has to be bulls driving the narrative for right now. And that’s because of just the adoption phase, right? I mean, I think you can make the same argument of any first mover emerging technology that we’ve seen in the past.
But again, I think that the question here is how much is faith versus technicals and fundamentals for Bitcoin? And we know that in this case, Cathie Wood is definitely a woman of faith, and maybe that plays into this as well. But you do at one point wonder, at what point are you just lobbing numbers out here and just hoping for the best? I don’t know.
AKIKO FUJITA: No, I think she believes it. She believes it. I don’t know what the technicals are that led her to that call, but one thing I did think was interesting about what she told Julie, is that she said that it’s not about institutional exposure that’s going to get you to that level because that’s an argument that we’ve heard increasingly. Once the institutional investors get in, more money pours in. That’s when Bitcoin is going to start to stabilize and push higher. She’s saying 2 and 1/2%. That’s not a significant number.
And by the way, you could watch the full interview on our website, but she does go on to say institutional investors will risk not owning more because it is the first global big idea that’s not overseen by government. So she’s saying that institutional investors aren’t going to– are not what’s going to get it to that number, but they’re ultimately going to regret the fact that they’re not in it, or they’re not exposed to it more because it is going to go to a million dollars.
BRIAN CHEUNG: FOMO, essentially. Right?
AKIKO FUJITA: Yeah, I mean, we’ll see. We’ll see where it goes.
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Bitcoin’s price is heading to $1 million, Cathie Wood says – Yahoo Finance
Ark Invest CEO Cathie Wood joins Yahoo Finance Live to discuss the future of bitcoin.