Bitcoin Is Going to $500,000 - NorthmanTrader Founder Supports Cathie Wood

Bitcoin Is Going to $500,000 - NorthmanTrader Founder Supports Cathie Wood

Founder of NorthmanTrader, Sven Henrich, has taken to Twitter to share a CNBC video, in which Ark founder and CEO, prominent investor Cathie Wood, explains why she believes Bitcoin to soar to the $500,000 mark within a period of five years.

Henrich’s statement seems to have a bit of sarcasm to it, however.

#Bitcoin going to $500K. Everyone agrees. Then it must be true.— Sven Henrich (@NorthmanTrader) September 15, 2021

“Bitcoin is going to $500,000. Everyone agrees”

During the Wall Street's SALT conference that took place recently, head of the Ark Invest hedge fund stated that she believes the price of Bitcoin would rise tenfold within next five years – from $45,000-$50,000 to the whopping $500,000 per coin.

Sven Henrich tweeted somewhat sarcastically that it is going to happen since “everyone agrees. Then it must be true”. He did not clarify, though, whether he truly believes in the flagship crypto rising up that much in five years or not.

Commenters in the thread are bullish, saying that Bitcoin would reach a higher price and only one person opined that it would be going down – to the $9,700 area.

60% Bitcoin, 40% Ethereum as Ark’s confidence in ETH soars

Wood also shared that Ark’s confidence in the second biggest blockchain, Ethereum, and its native currency ETH has “gone up dramatically”.

The reason cited for this is the beginning of the transfer from the Proof-of-Work protocol to the Proof-of-Stake one. The fast growth of popularity of DeFi and NFTs was also likely to contribute to that.

Now, Cathie said that Ark Invest would distribute its future crypto investments by putting sixty percent in Bitcoin and forty percent in Ethereum.

Bitcoin recaptures $47,000

According to the data provided by the CoinMarketCap analytics website, the flagship cryptocurrency has recovered the losses it has seen in the past week when it dropped from the $47,000 area and revisited the $44,300 and $43,700 zones.

However, BTC is still miles away from retaking the $52,700 level, from which it sharply declined on September 7. Bitcoin was last seen at that price mark in mid-May and then it went down below the $40,000 level for the whole summer – from May 19 until August 6.