Ark Invest's Crypto Analyst Forecasts Dogecoin Washout, Sees More Potential For Bitcoin, Ethereum
Yassine Elmandjra of Cathie Wood’s Ark Investment Management believes that changes are imminent in the crypto market.
What Happened: In an interview with Bloomberg, Elmandjra said, “over a longer-term time horizon, we definitely think this is the beginning phase of what’s going to be the birth of an entirely new asset class that we think will be in the trillions of dollars.”
However, Elmandjra views popular meme-based cryptocurrency Dogecoin as one that may see its price negatively impacted in the near future.
The token is testament to the power of memes but “much of the value is speculative and we’re ultimately going to see a washout from these prices,” he said.
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What Else: “But with that being said, I can’t knock people for putting their money where their mouth is and deeming something to be of subjective value when others can’t see it,” he added.
The Ark Invest analyst had more positive things to say about crypto market leaders Bitcoin and Ethereum, explaining that they had “more potential left.”
According to him, Bitcoin could reach parity with gold in the next five years, implying a 10x gain from current levels. At the time of writing, Bitcoin was trading at $55,628, down 0.90% in the past 24-hours and down 14% from its all-time high of $64,800 seen in April.
Ethereum, on the other hand, surged 100% over the past month to a new high of $4,362 set earlier today and has not gone unnoticed by Ark Invest. Elmandjra said Ark sees it “as a multi-trillion-dollar opportunity.”
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