Bitrabo Editorial
Cathie Wood, CEO of ARK Invest, has long been a strong supporter of Bitcoin, and she remains optimistic about the digital asset reaching $1 million despite its current trading price of just over $26,000. According to Wood, the recent volatility and uncertainty in the financial markets have only reinforced her belief in Bitcoin’s bullish future.
Why Wood Remains Unfazed
In an interview with Bloomberg, Wood explains how the cryptocurrency market’s volatility and uncertainty have strengthened her resolve regarding Bitcoin’s potential. This is not the first time Wood has spoken about Bitcoin reaching $1 million; in 2022, she said the digital asset would climb to that level within eight years. Institutional investors moving into Bitcoin, providing privacy from government, and limited supply are several reasons for Wood’s prediction.
What is Next for Bitcoin
Bitcoin has consistently outperformed its previous all-time high prices in every bull market. With another one expected in 2024 and 2028, there is a chance that Wood’s prediction will come true by 2030 as the asset grows in adoption and value. Additionally, Bitcoin’s limited supply ensures that it remains scarce and in demand; as demand rises, the price investors must pay also increases. However, it is important to note that if Bitcoin reaches $1 million per coin, its total market cap would exceed $20 trillion, surpassing the entire gold market’s value.
Currently, Bitcoin is trading at $26,438 after recovering from a recent decline following news of the United States Securities and Exchange Commission suing cryptocurrency exchange Binance.
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