Cathie Wood, the founder, and CEO of Ark Investment Management, which manages more than $50 billion in assets, said she is watching the exponential growth of non-fungible tokens or NFTs, even if she doesn’t own any. Wood mentioned Async Art, an NFT platform that allows users to buy pixels for digital artworks and add layers to them, during the SALT conference hosted by alternative asset management SkyBridge on Monday.
In a panel with CNBC presenter Andrew Ross Sorkin, Wood said, “I was walking when I heard the CEO tell his story, and my smile went ear to ear because I said: “Man, this is going to be so explosive.” “When the internet first came out, I felt like this.” Wood, on the other hand, stated that she does not currently have any NFTs.
Meanwhile, Wood predicts that the price of bitcoin (BTCUSD, 1.64%) would surpass $500,000 in the next five years. “If we are correct, and firms continue to diversify their cash into something like cryptocurrency, and institutional investors begin investing 5% of their funds to cryptocurrency… We predict [bitcoin’s] price will be five times higher than it is now,” she stated. Bitcoin was last seen at $44,993, down 1.2 percent in the previous 24 hours.
As the blockchain transitions from proof-of-work to proof-of-stake, Wood said her faith in ether ETCUSD, 0.75 percent has “gone up dramatically.” The price of Ether was $3,294, down 2.8 percent in the last 24 hours. When asked by Sorkin which cryptocurrency she would invest in if she had to choose just one, Wood responded she would put 60% of her money into bitcoin and 40% into the ether.
According to a filing with the Securities and Exchange Commission (SEC), Ark Investment is enabling one of its funds, ARKW, -1.56 percent, to invest in Canadian Bitcoin ETFs.While the SEC has yet to approve any Bitcoin ETFs, Ark Investment has assisted in the creation of a bitcoin exchange-traded fund with 21Shares.
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