Ark Invest's Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M
Portfolio Pulse from Adam Eckert
Cathie Wood of Ark Invest predicts Bitcoin could reach $1.5M in a bull case scenario. She remains bullish despite the FTX bankruptcy, highlighting Bitcoin's decentralized nature. Wood also suggests a spot Bitcoin ETF could boost Bitcoin's price by simplifying investment access. Ark's top holding in ARKK is Coinbase, which faces an SEC lawsuit. Wood is confident Coinbase would appeal any negative ruling to the Supreme Court. Bitcoin is up 119% YTD.
November 15, 2023 | 4:38 pm
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NEUTRAL IMPACT
Coinbase, facing an SEC lawsuit, is Ark Invest's top holding in ARKK. Cathie Wood is not worried about the lawsuit, suggesting Coinbase would appeal to the Supreme Court if necessary.
While the SEC lawsuit presents a risk, Cathie Wood's confidence in Coinbase's ability to appeal a negative ruling could mitigate investor concerns. However, legal proceedings are unpredictable, hence a neutral score.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ark Invest's ARKK ETF holds Coinbase as its top investment with a 9.06% weighting. Cathie Wood's bullish stance on Bitcoin and the potential for a spot Bitcoin ETF could positively influence ARKK's performance.
Cathie Wood's positive outlook on Bitcoin and the crypto market could lead to increased investor confidence in ARKK, especially with Coinbase being a significant holding. The anticipation of a spot Bitcoin ETF could further drive interest in ARKK.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80