Cathie Wood is optimistic about bitcoin, predicting that the price of BTC will reach $1 million by 2030

Despite the collapse of FTX and the subsequent decline of the crypto-currency market, Ark Invest founder and CEO Cathie Wood stands by her prediction that bitcoin will reach $1 million by 2030.

She also doesn’t seem perturbed by the price collapse of Grayscale’s Bitcoin Trust (GBTC) as her company purchased an additional 176,945 shares.

BTC Bullwhatever the reality

The shocking collapse of the FTX crypto-currency exchange has compounded the problems of the crypto-currency industry and taken away much of the interest of investors. Even the most optimistic industry players believe it will take a long time for the market to recover, while others don’t see it happening at all.

Cathie Wood of Ark Invest is not part of that club. In a recent interview for Bloomberg, she reaffirmed her prediction that bitcoin is headed for $1 million a coin. In her view, such setbacks can be useful because they show which projects are worthwhile:

“Sometimes you have to go through a crisis to see the survivors. Bitcoin is coming through it smelling like a rose.”

Cathie Wood thinks the only downside to this calamity is the declining interest of major institutions. However, she believes that they will soon realize the merits of the leading crypto-currency and embrace it. Enthusiasm for BTC is expected to return in the next two years, which means it will break even by 2030, the Ark Invest executive concluded.

She is also optimistic about ether, saying it could see massive institutional adoption in the coming years.

This isn’t the first time Cathie Wood has set such an ambitious price target for bitcoin. She joined Michael Saylor in April in predicting that the asset will eventually cross that mark.

Ark Invest increases its exposure to GBTC

The valuation of GBTC’s shares has dropped significantly due to the ongoing crypto winter. They are currently trading at around $8.40, down 27% from last month’s figures.

Nevertheless, Ark Invest continues to expand its holdings and recently purchased over 176,000 shares worth about $1.5 million. A week ago, the entity purchased an additional 273,000 shares. This came as a surprise as it occurred in the midst of severe market turbulence caused by the FTX disaster.

Grayscale GBTC is currently trading at a 42.7% discount to BTC spot prices. It established the largest discount in the fund’s history on Nov. 18, when the figure reached 45%.

GBTC is the largest bitcoin fund and manages over 635,000 BTC. At the time of writing, this amount is equivalent to nearly $10.5 billion.