NFTs have Cathie Wood excited: ‘This is how I felt when the internet came about’

“I was walking when I heard the CEO tell his story, and my smile went ear to ear, because I said: ‘Man, this is gonna be so explosive,’” Wood said in a panel with CNBC anchor Andrew Ross Sorkin. “This is how I felt when the internet first came about.” However, Wood said she currently doesn’t hold any NFTs.

Meanwhile, Wood said she expects bitcoin’s BTCUSD, +0.03% price to top $500,000 in the next five years. “If we’re right, and companies continue to diversify their cash into something like crypto, and institutional investors start allocating 5% of their funds toward crypto…We believe that [bitcoin’s] price will be tenfold of where it is today,” she said. Bitcoin was recently trading at $44,993, down 1.2% over the past 24 hours. 

Wood also said her confidence in ether ETCUSD, +0.15% “has gone up dramatically,” as the blockchain starts its transition from proof-of-work to proof-of-stake. Ether was trading at $3,294, down 2.8% over the past 24 hours. 

When asked by Sorkin what her picks are, if only investing in one cryptocurrency, Wood said she would allocate 60% to bitcoin and 40% to ether. 

A SEC filing on Friday revealed that Ark Investment is allowing one of its funds ARKW, -1.56% to invest in Canadian Bitcoin ETFs.

Ark Investment has helped create a bitcoin exchange-traded fund with 21Shares, while the SEC has yet to approve any bitcoin ETFs.