Cathy Wood, founder of investment firm Ark Invest, predicts that the Bitcoin cryptocurrency will rise to $1.3 million by 2030, CNBC reports.
In an interview with CNBC, Wood explained that Bitcoin is benefiting from the crisis that has hit FTX and a number of cryptocurrency exchanges.
Wood explained that Sam Fried, the founder of FTX, did not like Bitcoin because it cannot be controlled, and added: It is decentralized and transparent, in contrast to what FTX was.
And she continued: During this period, Bitcoin and Ethereum have succeeded in distinguishing themselves in a period that witnessed the bankruptcy and collapse of some opaque and concentrated ecosystems.
Wood believes that Bitcoin could rise if companies continue to diversify their funds, and institutional investors continue to allocate 5% of their portfolio to the cryptocurrency sector, as it currently stands at 2.5%.
She stressed that cryptocurrencies are the new asset class.
Bitcoin is currently trading at a level between $16,000 and $18,000, far from the record level recorded just one year ago, when it rose to the highest of $68,000.