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- 1 Cathie Wood talks about Bitcoin becoming the most valuable crypto currency, way more crucial than the gold worth in the market.
- 2 Current Bitcoin price is $26,605.54 and predicted to reach $650,000 per coin.
During an interview with Bloomberg, Arc investments’s Founder and CEO, Cathie Wood elaborated on her reasons for a relentless belief that Bitcoin will have a bullish future in the crypto market.
Instead of being waved off by the apprehension and volatility of the crypto market, Wood takes this trend making her more firm in her belief that Bitcoin will reach $1 million.
Previously, Arc Investments’s founder and CEO pointed to the fact that more institutional investors would be moving into the digital asset, raising it to $500,000 in the coming five years.
Citing government’s control, Bitcoin offers privacy to its investors which is one of the primary reasons why Cathie Woods believes Bitcoin will hit the $1 Million mark.
Arc Investment’s Bitcoin Analysis
Cathie Wood and her company’s management said that ‘Bitcoin could possibly hit $1.48 Million by 2030 (6.30% hike from its current price).’
Referring to the bull case scenario, Bitcoin’s base price can hit $682,800 by that time. A new report by the company on the token’s outlook shows that Bitcoin could “scale into a multi-trillion dollar market” by this decade’s ending.
NEW: Cathie Wood tells Bloomberg she's still confident in #Bitcoin hitting $1,000,000 by 2030
— Bitcoin Magazine (@BitcoinMagazine) June 8, 2023
"The more uncertainty and volatility there is in the global economy, the more our confidence increases in Bitcoin." pic.twitter.com/tHAiluWezV
The firm maintained a positive outlook on BTC’s fundamentals despite a turbulent 2022. To support its bold calls, the report pointed to continued institutional adoption, increasing hash rates, and the long-term holder supply of bitcoin.
Bitcoin has consistently outperformed its prior all-time-high prices in every bull market, with the same expected to happen in 2024 and in 2028, as per the company’s predictions.
Unlike many cryptocurrencies, Bitcoin has a limited market supply. Limited supply leads to an increase in demand over time.
Securing a Bitcoin becomes more challenging and investors then have to pay more for each BTC. Note that, if BTC $1 Million per coin, the total market cap then will cross $20 Trillion, making it more valuable than the gold market.
BTC is currently trading at $26,605.54 after recovering from its Monday fall when the Securities and Exchange Commission (SEC) filed lawsuits against leading crypto exchanges.
Ark Investment’s ‘Bitcoin Monthly’
As of March 21, 2023, ‘Arch’s Bitcoin Monthly’ outlined Bitcoin as flourishing amid the ‘Banking crisis.’ While the U.S. banking system seized up in reaction to the drops of Bitcoin and Ethereum market existence, other crypto networks didn’t go in vain
Amidst the Silicon Valley Bank’s bankruptcy procedures, Bitcoin rose up to 49%, from a support at a price of $19,500 on March 10 to $29,150 on March 30.
According to Arc Investments “Demand for more transparent, auditable, and decentralized financial services has soared because, in our view, crypto is a solution to the central points of failure, the opacity, and the regulatory lapses in the traditional financial system.”
The company’s report highlighted the fallen 4.1% of bank deposits in March which is a significant drop since 1948. The Federal Reserve’s (Fed) rate-hike spree over a period of a few months became one of the reasons for Silicon Valley Bank’s insolvency and other regional banks’ fluctuations and collapses.
Ark Investments then amplified its balance sheet by $300 billion, by reversing six months of its quantitative tightening.
Within a month, three major banks collapsed, and Bitcoin outperformed even bonds and gold apart from the crypto trades in the market.
Between April and March, while BTC recorded ~22% hike in March, the Regional Banks Index fell by around 28%.
Current Bitcoin Stats
At the time of writing, the Bitcoin price remains $26,605.54, with a 24-hour trading volume of $12,085,120,778.
Bitcoin rose by 0.74% in the last day. The market cap of Bitcoin is $516,069,798,883. It has a circulating supply of 19,397,081 BTC coins, and the maximum supply is 21,000,000 BTC coins.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
