During Wall Street’s SALT conference, Cathie Wood, head of investment firm Ark Invest, told CNBC that Bitcoin, in his view, will increase tenfold over the next five years, reaching over $500,000. However, he noted that Ark’s confidence in the leading altcoin Ethereum has also increased greatly.
“Our confidence in Ether has increased dramatically”
As Cathie Wood explains, this was the start of Ethereum’s transition from the Proof of Work (PoW) consensus algorithm to the Proof of Stake (PoS) algorithm. Cryptocoin. com
As we reported , the transition began with the launch of the Ethereum 2.0 zero phase on December 1st and the recent implementation of the London Hard Fork on August 5. The Hard Fork (also known as EIP 1559) allowed, among other things, the burning of transaction fees on the Ethereum Blockchain, which helped make Ethereum a deflationary currency. Earlier in August, Cathie Wood announced her support for these blockchain-based Ethereum and DeFi applications:
Cathie Wood told andrewrsorkin at SALTConference, “In the 5-year Bitcoin price target, we believe the price will be ten times what it is today, instead of $45,000 above $500,000. Our confidence in Ether has increased dramatically. ” said.
Ark invests in leading altcoin project through Grayscale
Among crypto assets, Ark has invested funds in the Grayscale Ethereum Trust. Ark owns millions of dollars worth of ETHE shares. As of June 30, the mutual fund had 721,936 ETHEs, which was worth $16.2 million at the time. Among his crypto assets, Ark has funded the Grayscale Ethereum Trust and holds millions of dollars worth of ETHE shares. As of June 30, the mutual fund had 721,936 ETHE, which was worth $16.2 million at the time. As of press time, the leading altcoin Ethereum was trading at $3,339, according to data provided by CoinMarketCap.