The two clashed over the future of a key cryptocurrency.
Ark Invest CEO Cathie Wood is not backing down from her sky-high cryptocurrency predictions.
At Ark Invest’s Big Ideas 2023, Wood suggested that bitcoin’s long-term opportunity was strengthening.
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“The price of one Bitcoin could exceed $1 million in the next decade,” he said on Jan. 31. report said.
“Despite a turbulent year, Bitcoin hasn’t missed a beat,” he reasoned. “Their network fundamentals have been strengthened and their starter base has become more focused on the long term.”
She discussed her investment management firm’s positive outlook for Bitcoin on CNBC on Feb. 1 when asked if she still believes one bitcoin can hit $500,000.
“In fact, we’re a little higher than our base case for 2030, and in our bull case, much higher,” he said, according to to gasoline March 14. “This idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the two best manifestations of that in the crypto world.”
CNBC’s Jim Cramer, who sold his Bitcoin and Ethereum holdings in 2021, was in disbelief and laughed out loud at Wood’s predictions.
It’s like he’s “looking at a painting upside down,” he said, according to Benzinga.
“That was funny. I mean, I said ‘hoo-ha,’ I laughed,” Cramer said.
“When I was in the Sea of Galilee and I walked on the water, it was a good moment,” he said. “I’m trying to find something that can be that wacky!”
Wood appeared again on CNBC on March 9 and said that a concept was proven with the cryptocurrency crash in 2022.
“It was opaque, centralized institutions that failed,” Wood said. “And some of that was due to fraud. If you looked at the Bitcoin and Ethereum blockchain technologies, they didn’t really skip a beat.”
