Cathie Wood reiterated her $1 million bitcoin prediction

The cryptocurrency market is going through a bad season, because to the global instability we have to add the recent FTX scandal, which undermined investor confidence. However, in this bleak scenario, famous billionaire Cathie Wood predicted that bitcoin would reach a staggering value.

More precisely, in a dialogue with BloombergThe responsible manager of Ark Investment Management predicted that popular cryptocurrency by 2030 would cost about 1 millionwhen it is currently trading at just over $16,000.

“Sometimes you have to pass the test, go through a crisis… to see the survivors.”stated the CEO, keeping in mind the current and difficult financial context. “We Think Bitcoin Will Smell Pink”convicted.

Nevertheless, yes he explained it collapse of some brokers and global pessimism inhibits institutional adoptionwhich could also be a learning opportunity. “And when they see what happened, I think they’ll feel more comfortable trading bitcoin and maybe ethereum.”he concluded.

While he didn’t explain exactly why bitcoin might appreciate so much at the time, he has commented in previous interviews that one factor would be its ability to hedge against inflation.

“There are many emerging markets that suffer from constant inflation, which means that their purchasing power and growth is constantly falling. Therefore, they have to turn to bitcoin and other cryptocurrencies to preserve their purchasing power.”took place

The reason is that due to the configuration of the code itself, there will be no more than 21 million bitcoins.which means that supply cannot keep up with demand, so its price rises.

5 Bitcoin, Blockchain, DeFi and NFT News - September 21

On the other hand, Wood did not limit himself to currency as a store of value and talked about practical applications in the future: “Store of value plays a very important role, and we believe that means of exchange with applications built on the Bitcoin blockchain will become a reality.”.


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