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Cathie Wood Reiterates $500,000 Price Target For Bitcoin In 5 Years, Says Watching Ethereum Amid Growing DeFi, NFT Spaces

Cathie Wood, the founder and CEO of Ark Invest, is extremely bullish on cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), while she is watching the explosive growth of non fungible tokens (NFTs).

What Happened: In the SALT conference held by hedge fund SkyBridge Capital on Monday, Wood said she expects Bitcoin’s price to rise tenfold and top $500,000 in the next five years.

The outlook is based on companies continuing to diversify into cryptocurrencies and institutional investors beginning to allocate 5% of their funds toward buying crypto, Wood added.

See also: How To Buy Bitcoin (BTC)

She added that Ethereum is seeing an explosion in developer activity, thanks to NFTs decentralized finance (DeFi) and the blockchain transitioning from proof-of-work to proof-of-stake.

Wood said that while she does not own NFTs, she believes its growth is explosive and expressed her admiration for AsyncArt, an NFT platform that allows artists to create dynamic art NFTs with blockchain technology.

Why It Matters: Bitcoin regained the crucial $50,000 level in late August but has fallen below that level again. The apex cryptocurrency is down 30.2% from its all-time high of $64,863.10 reached in April.

Ethereum, the second-largest coin by market cap, is also down 24.5% from its all-time high of $4362.35 reached in May. Nevertheless, NFTs are seen as a driver for Ethereum.

Price Action: Bitcoin is up 1.4% during the last 24 hours, trading at $45,245.06 at press time, while Ethereum is up 0.5% during the 24-hour period to $3,290.43.

Read Next: Bitcoin, Ethereum, Dogecoin Stay Subdued But ‘Hodlers’ Are Unfazed By Recent Sell-Off

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