Cathie Wood reiterated her positivity on Bitcoin at the Bitcoin2022 conference held in Miami, Florida.
Ark Invest Chief Executive predicts crypto’s reach of $1,000,000 by 2030. This was presented Thursday.
“We believe bitcoin has only just begun,” she told CNBC. “Institutions are only now catching up to individuals in terms of BTC adoption,” she explained.
BTC has fallen to $43,000 many times in recent weeks and then failed to show any significant gains.
The world’s top digital currency dropped to $42,534.90, down 8.1% in the last seven days, Coingecko data show, Saturday.
Wood relayed the high-level prognosis from her company’s Big Ideas 2022 report during her Miami appearance. This contained the cryptocurrency’s lofty price target.
Bitcoin’s coveted price goal
“Bitcoin’s price target for 2030 is greater than a million dollars per bitcoin,” Wood stated.
Bitcoin 2022 Miami is the world’s largest gathering of crypto intellectuals and entrepreneurs. The event will be held at the Miami Beach Convention Center from April 6-9. It has attracted over 35,000 attendees and more than 7 million viewers from all around the globe.
According to Wood, bitcoin is the world’s first open-source, private digital rules-based monetary system.
“It’s a pretty big notion,” the investor stated during her “The Future is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another major crypto proponent.
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BTC market capital at $805.70 Billion according to the weekly chart. Source: TradingView.com| Source: TradingView.com
Hedge vs. Inflation
Wood, 66, referred to the world’s most valuable cryptocurrency as a “hedge strategy against inflation.”
However, she failed to mention that digital assets have fallen by 27% over the past year while inflation has increased.
The consumer price index increased by 8% over the 12-month period to February 2014. Wood’s projection would imply a 25-fold gain in BTC’s recent price of $38,094.
Wood stated that about 70% of crypto investors retain their position for the long-term. This equates roughly to 13.6 million units, out of more than 20 million units.
Are You Ready for the Greatest?
In addition, bitcoin’s market capitalization at $830billion has experienced a tenfold rise in liquidity. “That is only a preview of what is to come,” she remarked.
While its market valuation surpassed the $1 trillion milestone in 2021, Ark’s analysis suggested that the cryptocurrency’s network fundamentals “remained healthy,” Ark analyst Yassine Elmandjra disclosed in a recent report.
Elmandjra claims that institutions are increasing exposure to BTC.
After the launch of more regulated instruments and adoption by enterprises and nation-states, Bitcoin’s institutional holder base appears to be expanding, she added.
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Featured Image from Forbes. Chart by TradingView.com
Bitcoinist Miami @ Bitcoin 2022