Crypto Bull Cathie Wood Says Ethereum Is More Undervalued Than Bitcoin
December 13 2021 - 6:00PM
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The Bitcoin versus Ethereum debate has been going on for years and
waxes stronger as the market grows. Pitting the two top
cryptocurrencies against each other has been one of the greatest
pastimes for the market. However, not everyone subscribes to the
school of thought that they are in competition. ARK Invest CEO
Cathie Wood is known in the crypto space for giving her outlook on
Bitcoin but Ethereum has been largely left out of the conversation.
Wood is mostly known in the space for her bitcoin at $500,000
prediction, which she has stood by at various points. Related
Reading | Why “Bitcoin Creator” Craig Wright Came Out Ahead
Despite Having To Pay $100 Million The CEO has always expressed
that she believed that bitcoin is still largely undervalued and has
a lot of growing to do in the coming years. However, Wood has
pointed out that number 1 altcoin ethereum is even more undervalued
than bitcoin. Ethereum Is Still Undervalued Wood was on CNBC’s
Squawk Box to talk about the crypto market. On the show, the CEO
expressed that ethereum was still greatly undervalued. She put this
in perspective using bitcoin, the largest cryptocurrency in the
market, which she believes is still greatly undervalued. Wood
explained that as undervalued as bitcoin is, ethereum is still way
undervalued compared to it. One of the major reasons behind
investments in ethereum has been the utility of the digital asset.
Decentralized finance (DeFi) has seen tremendous success despite
been only a year old and ethereum hosts the majority of DeFi
activities. Wood reiterated the fact that DeFi was the driving
force behind the digital asset’s success. “The fact that it is the
venue, or the protocol, for DeFi and for NFTs suggests to us that
it is even more undervalued than Bitcoin is, just because there are
new worlds growing up on top of it.” ETH price recoers above $4,000
| Source: ETHUSD on TradingView.com According to the CEO, ethereum
is still in its infancy and has a long way to go, whereas bitcoin
has already been established for being a monetary system. She added
that institutions are going to move more into DeFi and NFTs, which
would “accelerate” its growth. Still Bullish On Bitcoin Wood did
not fail to reiterate her stance on bitcoin. The CEO noted that
institutional investors were moving into the digital asset. Bitcoin
has become impossible to ignore and Wood explained that
institutions have to explore it. “Institutional managers have to
look at new asset classes that are evolving and that have low
correlation,” the CEO said. “That’s the Holy Grail in terms of
asset allocation.” Related Reading | Galaxy Digital CEO
Explains Why Ethereum Is Outperforming Bitcoin Bitcoin has no doubt
had a good run in its over a decade of existence. However, Cathie
Wood expects even more growth for the asset. Last month, the CEO
expressed that with institutions moving more into bitcoin, it could
rise to as high as $500,000 in the next five years. Featured image
from Crypto Adventure, chart from TradingView.com
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