ARK Invest CEO: Bitcoin In “Capitulation Phase,” Still Set For $500k

Bitcoin is still up in price despite the recent dips and the predictions have not slowed down. If anything, they have become even more prominent. Famed CEO of ARK Invest Cathie Wood has always been bullish on Bitcoin. The CEO earlier in the year had given what some would call an optimistic prediction for the asset. But to Wood, this is not too optimistic. When asked about her prediction, Wood explained that she and her firm still stand by the prediction. Cathie Wood’s earlier prediction had seen the CEO putting a future forecast for the asset’s price at $500,000. Pointing to market indicators, Wood pointed that they “are all suggesting that we are in a capitulation phase, which is a really great time to buy. No matter what the asset is.” This shows that regardless of Bitcoin’s current price tag, the CEO still sees it as a buying opportunity. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish Doubling Down On The Prediction Wood told Bloomberg in an interview that the firm continues to stand by its conviction for the future of the digital asset. The high future price prediction does not seem to phase the CEO, neither does the current price. While bitcoin levels are currently on the high side, it is no secret that the digital asset price is still a long way from reaching $500,000. Nonetheless, Cathie Wood still stands by this prediction. When asked about the prediction, the CEO said, “Yes, our conviction is...