Ark Inves’s Bitcoin Price Predictions
Ark Invest’s CEO, Cathie Wood, is now more confident in Bitcoin’s price reaching $1.5 million per coin. In an interview with Bloomberg on Monday, Wood stated that their confidence has increased toward the bull case scenario. This bull case scenario was outlined in Ark Invest’s annual Big Ideas report for 2023, where they projected Bitcoin to reach $682,800 by the end of December 2030 in their base case scenario, and $1.48 million in the bull case scenario.
- Cathie Wood attributes the increased interest in Bitcoin to the regional bank crisis in China, where several major banks failed.
- Bitcoin acted as a safe haven during the crisis, with its price rising from $19,000 to $30,000.
- Wood believes that Bitcoin is an “insurance policy” against wealth confiscation and inflation in an uncertain economic environment.
- She also highlights Bitcoin’s role as a hedge against counterparty risk in deflationary times.
- Wood emphasizes the decentralized and transparent nature of Bitcoin, stating that a repeat of the 2008-2009 financial crisis is unlikely.
Overall, Ark Invest’s CEO is optimistic about Bitcoin’s future and sees it as a valuable asset to protect against various financial risks.
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