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Ark Investment Management CEO Cathie Wood said in a Bloomberg TV interview that bitcoin will go to $500,000 despite the largest cryptocurrency plunging to a low near $30,000 on Wednesday.
- Wood said bitcoin is "on sale" right now and said that even after today's drop the cryptocurrency is not necessarily at a bottom. She describes the market as "emotional" and says it is difficult to call the bottom.
- Bitcoin fell for a fifth straight day, putting the largest cryptocurrency on track for its worst month in more than three years.
- During the interview, Wood briefly addressed Elon Musk's environmental concerns on bitcoin mining, explaining that the adoption of solar energy in mining is going to accelerate dramatically.
- Wood said the prospects for a bitcoin exchange-traded fund (ETF) approval in the U.S. this year have now increased due to the recent plunge in price. "The odds are going up now that we have had this correction," she said.
- At press time Wednesday, bitcoin was changing hands at around $40,753, a steep drop from the cryptocurrency's all-time high of $64,829.14 set in April.
- Earlier this month Wood announced she had joined the board of Amun Holdings, the parent company of 21Shares.
