![\"Ark](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/09\/ark.jpg\")
<\/p>\n<\/p>\n
Ark Investment Management CEO Cathie Wood expects the price of bitcoin to be more than $500,000 in five years\u2019 time, which is over 10 times what it is today. She also shared her view on cryptocurrency regulation and Coinbase\u2019s trouble with the U.S. Securities and Exchange Commission (SEC).<\/strong>\n<\/p>\n \n She was asked what bitcoin will be worth five years from now. Wood replied, \u201cIf we are right and companies continue to diversify their cash into something like bitcoin, institutional investors start allocating 5% of their funds into \u2026 bitcoin, or other crypto,\u201d then:\n<\/p>\n We believe that the price will be tenfold of where it is today, so instead of $45,000, [it would be] over $500,000.<\/p>\n<\/blockquote>\n \n She proceeded to say she is \u201creally happy\u201d that the chairman of the SEC, Gary Gensler, \u201cunderstands crypto and understands the merits of bitcoin in particular.\u201d Nonetheless, she noted, \u201cHe is a regulator though and he\u2019s a hardcore regulator.\u201d<\/p>\n The CEO of Ark Invest then talked about cryptocurrency exchange Coinbase\u2019s trouble<\/a> with the SEC regarding its lending product, noting that she \u201cwas shocked\u201d to hear that Coinbase received a Wells Notice. \u201cAre you kidding? They haven\u2019t even released the product. What is this?\u201d she exclaimed.<\/p>\n <\/ins> <\/ins> <\/p>\n Coinbase revealed<\/a> last week that it received a Wells Notice from the SEC. However, the exchange said that it does not know what problem the SEC has with its Lend product. \u201cWe don\u2019t know why \u2026 We got no explanation from the SEC,\u201d the exchange wrote.<\/p>\n \u201cI think what that Wells Notice is doing, it\u2019s a call out by regulators saying we got to discuss this stuff because this is happening very quickly and I think we are going to bring courts into the system,\u201d Wood opined, adding:\n<\/p>\n This happened in Canada. A company called 3iq sued the regulator there and won in court so they were able to issue bitcoin ETFs [exchange-traded funds], and closed in funds and ether as well.<\/p>\n<\/blockquote>\n \n When asked which cryptocurrency she would invest in if she could pick just one, Wood said she would default to bitcoin \u201cbecause countries are now deeming it legal tender.\u201d The Ark Invest executive is referring to El Salvador where the country\u2019s Bitcoin Law went into effect<\/a> on Sept. 7 making BTC<\/a> legal tender alongside the U.S. dollar.<\/p>\nCathie Wood\u2019s Ark Invest Predicts $500K Bitcoin<\/h2>\n
\nCathie Wood, the CEO of Ark Investment Management (Ark Invest), discussed bitcoin and crypto regulation in an interview at the SALT conference Monday. Wood is also the firm\u2019s founder and CIO.<\/p>\n\n
\nWood also commented on cryptocurrency regulation. Based on her meeting with state, local, and federal regulators, she described: \u201cOur working assumption from the beginning was that \u2026 no regulator wanted to be blamed for preventing the next big technology breakthrough to happen in the U.S.\u201d<\/p>\n\n
\nShe concluded: \u201cSo, I\u2019m beginning to think that Coinbase doesn\u2019t mind it at all and if you saw the stock reaction, it hardly budged.\u201d<\/p>\n