ARK’s Cathie Wood Boldly Predicts Bitcoin To Hit $1M By 2030!
Ark Investment’s Cathie Wood has continued to voice her bullish views towards the number one cryptocurrency in the world, Bitcoin. The chief executive of Ark Investment explains that despite the current crypto winter market which has sent Bitcoin’s price to spiral down to $23,000 from it’s all-time-high of $69,000 back in November, Bitcoin still has a chance to gain back these massive numbers in just a few years time.
During a Feb. 1 segment on CNBC’s “Squawk Box,” Wood was asked about her position on Bitcoin now, after the two had previously had a conversation about Bitcoin hitting $500,000 a few years back.
“Are you still in the same place?” Squawk Box host Andrew Ross Sorkin asked.
“Yes, we are,” Cathie Wood replied, “In fact, we’re a little higher than that in our base case for the year 2030 and, in our bull case. Much higher.”
Wood’s ARK Invest also recently published a 2023 research report where it predicted that Bitcoin would hit $1 million by the end of the decade, despite the turbulent prices it faced in 2022.
“Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability and transparency. Its network fundamentals have strengthened and its holder base has become more long-term focused.” ARK’s report said.
— Squawk Box (@SquawkCNBC) February 1, 2023
Collapse Of FTX’s Effect
Wood also went on to talk about the massive collapse and bankruptcy of crypto exchange FTX, which although caused chaos to the crypto industry, didn’t affect Bitcoin & Ethereum price too heavily. Wood used this to show just how strong the two biggest cryptocurrencies are.
“If you look at what happened to Bitcoin, the network, and Ethereum, the network, they really didn’t skip a beat. All transactions were completed, all smart contracts opened and closed.” Wood said.
The Ark Investment CEO also talks about how Bitcoin’s strong points are its transparency and decentralization, arguing that these two things are the very reason former FTX CEO Sam Bankman-Fried was put off from the major cryptocurrency.
“Sam Bankman-Fried didn’t like Bitcoin at all, and he didn’t like it because of its decentralization and transparency. And what companies went under? They were the highly centralized, non-transparent, opaque companies, so FTX, Celsius, Three Arrows Capital…” Woods said.
“This idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the two best manifestations of that in the crypto world.”