Cathie Wood, CEO of Ark Invest, has reiterated her strong positive outlook on cryptocurrency, with a particular focus on Ethereum.
On Tuesday, Wood played a pivotal role in organizing a meeting in Tokyo between Wall Street strategist Tom Lee and Quantum Solutions CEO Francis B. Zhou.
This initiative is designed to foster in-depth discussions concerning the significant potential of Ethereum. Both Lee and Zhou are recognized for their leadership in substantial Ethereum-focused ventures, and Wood's endorsement of their work highlights her conviction in Ethereum and the broader landscape of decentralized finance.
Ark Invest's Significant Ethereum Holdings
Wood's firm, Ark Invest, has made substantial investments in Ethereum-related companies. Specifically, Ark Invest holds 8.06 million shares of Lee's ETH treasury company, BitMine Immersion Technologies. These shares are valued at approximately $271.31 million and are distributed across various Ark ETFs.
BitMine stands out as the largest corporate holder of Ethereum, possessing a substantial $11.9 billion worth of the cryptocurrency. In addition to this, Ark Invest has also provided support to Quantum Solutions, which is identified as the largest ETH-centric treasury outside of the United States. Quantum Solutions currently holds 5,030 ETH, an amount valued at $16.06 million.
Wood continues to be a vocal advocate for Ethereum's expanding role within decentralized finance. She emphasizes that Ethereum's yield-bearing capabilities position it as a central component in the evolution of digital finance.
Social Media Engagement
Revised Bitcoin Forecast
Despite her strong stance on Ethereum, Wood has adjusted her long-term price prediction for Bitcoin. She has revised her bullish forecast for Bitcoin in 2030, reducing the target price from $1.5 million to $1.2 million.
Wood shared this updated outlook for the benchmark digital asset's price in a recent interview. The adjustment comes as stablecoins experience notable growth and begin to occupy a portion of the market share previously anticipated for Bitcoin. Consequently, Wood has lowered her BTC price expectation for 2030 from her initial prediction of $1.5 million to $1.2 million.
Assets such as Tether's USDT and Circle's USDC are continuing to see widespread global adoption. Wood specifically points to increased adoption in emerging markets as a significant factor. The use of stablecoins for payments and savings represents a shift from the earlier thesis that Bitcoin would play a more prominent role in these areas.
This revision to Wood's 2030 Bitcoin forecast follows a period of notable decline for the "digital gold" asset. After reaching an all-time high of $126,000 in October, the cryptocurrency has subsequently traded below $92,000.
Current Market Context
In contrast to Bitcoin's recent performance, Ethereum is currently trading at approximately $3,125.