Ark Invest founder and CEO Cathie Wood is doubling down on her prediction that Bitcoin BTC/USD will reach $500,000 and Jim Cramer can’t help but laugh.
Wood Sees Exponential Rise: In Ark Invest’s Big Ideas release for 2023, Wood noted that “the price of one bitcoin could exceed $1 million in the next decade.”
She backed that up in a Wednesday morning interview on CNBC’s “Squawk Box.”
When Squawk Box co-host Andrew Ross Sorkin asked the Ark Invest CEO if she still believes Bitcoin can go to $500,000, she said, yes, “in fact, we are a little higher than that in our base case for the year 2030, and in our bull case, much higher.”
She explained that the crypto space took a hit following the collapse of FTX and several related firms, but she highlighted the strength Bitcoin and Ethereum ETH/USD have shown throughout the chaos.
“They really didn’t skip a beat. All transactions were completed. All smart contracts, open and closed,” Wood said.
“This idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the two best manifestations of that in the crypto world.”
Related Link: Cathie Wood’s Ark Sees Bitcoin Joining Trillion Dollar Club By 2030 — Here Are Its Bearish, Average And Bullish Price Views
Cramer’s Take: Jim Cramer, who sold out of his Bitcoin and Ethereum positions in 2021, couldn’t hold back his laughter following the interview. He called her predictions “outlandish” and said it’s like she’s “looking at a painting upside down.”
“That was funny. I mean I said ‘hoo-ha,’ I laughed,” Cramer said.
“I’ll see your $500,000 and I’ll raise you $500,000,” he added, mocking the Ark Invest founder.
“When I was in the Sea of Galilee and I walked on water, it was a pretty good time,” he said. “I’m trying to find something that could be as outlandish!”
Cramer’s outlook on the crypto space went back and forth during the most recent bull run, but since he cut his positions and bought a farm with the earnings in late 2021, he has stood by the sentiment that crypto is likely just a “gigantic con.”
Wood, on the other hand, has remained consistent in her call that Bitcoin will appreciate exponentially over the next five to 10 years.
It remains to be seen if the world’s oldest and largest crypto will ever hit Ark’s lofty targets.
$BTC Price Action: Despite rising nearly 40% since the start of the year, Bitcoin is still down approximately 37% over a one-year period.
Bitcoin was trading around $23,450 at the time of writing, according to Benzinga Pro.