In a recent interview with CNBC, Ark Invest CEO Cathie Wood sounded upbeat about the future of cryptocurrencies, stressing that they “will not be stopped” in spite of the recent market downturn.
Ark Invest outlined its three revolutions around cryptocurrencies in its “Big Ideas” report that was published earlier this year.
The Florida-based investment management firm believes that Bitcoin and Ether represent a “money revolution” by creating the world's first private digital monetary system.
Meanwhile, decentralized finance (DeFi) is leading the financial services revolution.
“We are impressed at how robust the ecosystem has been,” Wood said.
One of Wall Street's most famous stock pickers says that her team expected the collapse of Terra to cause a severe chain reaction, but the Ethereum blockchain has held up “very well.” In the aforementioned report, the Ark team predicted that the market cap of Ethereum could experience a 50-fold increase over the next decade.
Ark is also convinced that the Metaverse and non-fungible tokens (NFTs) represent the next generation of the internet. This revolution is still in its infancy, Wood says.
The investor 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. For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.
Ark predicted that the price of Bitcoin would soar to $1 million by 2030 in the “Big Ideas” report, which marks its boldest forecast to date.
Wood herself has repeatedly stated that the Bitcoin price could reach $500,000.