u.today
During the Wall Street’s SALT conference, the head of the investment firm Ark Invest, Cathie Wood, told CNBC that Bitcoin, in her view, is likely to increase tenfold within next five years and rise to over $500,000.
However, she also stated that Ark’s confidence in Ethereum has also increased a great deal.
“Our confidence in ether has gone up dramatically”
The reason for this, as Wood explained, was the beginning of the transition of Ethereum from the Proof-of-Work consensus algorithm to the Proof-of-Stake one. The transition started with the launch of the Ethereum 2.0 zero phase on December 1 and recently, after the London hard fork implemented on August 5.
The fork (also known as EIP 1559), among other things, has allowed burning transaction fees on the Ethereum blockchain, which started helping make Ethereum a deflationary currency.
As reported by U.Today earlier, in early August, Cathie Wood announced her support for Ethereum and the DeFi dapps based on this blockchain.
"We believe that the price will be tenfold of where it is today so instead of $45,000 over $500,000," says @CathieDWood on her #bitcoin price target over 5 years to @andrewrsorkin at @SALTConference. "Our confidence in ether has gone up dramatically." pic.twitter.com/bIPyLRv6yg
— Squawk Box (@SquawkCNBC) September 14, 2021
Ark is invested in Ether via Grayscale
Among crypto assets Ark has invested funds in is Grayscale Ethereum Trust – Ark holds ETHE shares worth millions of dollars. As of June 30, the investment fund held 721,936 ETHE, which back then was worth $16.2 million.
As of this writing, the second largest cryptocurrency, Ethereum, is changing hands at $3,339, as per the data provided by CoinMarketCap.