Cathie Wood, the CEO of ARK Invest and a known Bitcoin supporter, believes the broader crypto ecosystem will rapidly expand to command a $25 trillion valuation by 2030. Then, despite the presence of over 27,000 unique crypto projects according to data from CoinMarketCap (CMC), the CEO says Bitcoin (BTC) and Ethereum (ETH) will be the only two dominant platforms to watch out for.
Cathie Wood Bullish On Bitcoin And Ethereum
Appearing in the recent CNBC Squawk Box, Wood added that with crypto, a new “world is building out,” Bitcoin and Ethereum are global assets that offer opportunities for everyone, not just investors or supporters in the United States. Though the CEO draws a comparison to the internet or the dot.com era of the late 90s and early 20s, Wood claims that crypto is a bigger phenomenon.
In the past, Wood has made several bold predictions about Bitcoin. Besides predicting the total market cap to reach $25 trillion by 2030, the CEO thinks Bitcoin will be trading above the $1 million mark by 2030, citing its fundamentals. At the same time, the crypto supporter is confident Ethereum will morph into a true world computer as initially envisioned by Vitalik Buterin and other co-founders.
Ark Invest filed for the first spot Ethereum ETF in September with the SEC. If approved, the product will trade on the Cboe BZX Exchange, tracking ETH prices as displayed by the Chicago Mercantile Exchange (CME).
The endorsement of Bitcoin and Ethereum from a renowned expert can have positive implications for these two platforms from now on. Notably, these comments are when regulators, though strict on most altcoins, have been warming up on the two most valuable crypto assets by market cap.
Regulators Thawing To Crypto, Set To Approve Multiple Complex Products
In 2023, the United States Securities and Exchange Commission (SEC) not only cracked down on multiple crypto exchanges, including Binance and Coinbase but also claimed that multiple altcoins, including Cardano (ADA), were unregistered securities.
Though Charles Hoskinson and Input Output Global (IOG) commented on this classification, opposing the agency’s assessment, it represented a dent that could slow down investment in the Cardano ecosystem until clarity is found.
In early July 2023, Judge Analisa Torres of the United States District Court for the Southern District of New York ruled that XRP, the native currency of the XRP Ledger (XRPL) used by Ripple, a blockchain company, in one of their key cross-border solutions, was not a security when sold to retailers.
This confirmation saw billions flow to XRP, boosting its liquidity and cementing the coin’s position in the top 10 by market cap.
Feature image from Canva, chart from TradingView