Cathie Wood, the popular stock guru who heads Ark Investment Management, is sounding outlandishly bullish notes on two favorites: Tesla and Bitcoin. “If we are right, the returns are enormous,” she told the SALT Conference in New York, hitting her theme that tech disruption will rule the investing world.
Speaking at the gathering, Wood, the darling of the meme set, said the electric vehicle maker would vault in price almost four times, to $3,000, in five years. And maybe to $4,000. Riding a good rally during the pandemic, Tesla is up to $743, as of Monday’s market close.
That’s not all. Bitcoin will be up 11-fold in that span, to $500,000, Wood said. The cryptocurrency, changing hands at $44,963, at Monday’s close, has ridden its own uptrend since early 2020. But it is off its high of just over $60,000 in mid-March amid talk of government crackdowns on crypto.
Meanwhile, Beijing’s newly heavy hand on Chinese commerce has soured Wood on the world’s second biggest economy, and she said she has lightened her exposure to Chinese stocks such as Baidu and Tencent. “There’s social unrest taking place there,” she warned. “We’ve taken our stakes down significantly.”