On CNBC’s “Squawk Box,” Cathie Wood, ARK Invest CEO and CIO looks at Bitcoin’s future.
ARK’s Bullish Stance and Bitcoin’s Price Trajectory
Ark Invest’s price forecast for Bitcoin suggests a base case scenario where Bitcoin could reach around $600,000. Even more optimistic is the projection Bitcoin could soar to $1.5 million by the year 2030.
Bitcoin and Its Revolutionary Significance as a Monetary System
Wood highlighted the groundbreaking nature of the technology underlying Bitcoin, suggesting that it signifies a major shift in the global financial paradigm.
Bitcoin’s Role as a Currency
Wood confirmed that based on ARK’s first paper on Bitcoin from 2015, Bitcoin has potential to fulfill the three traditional roles of money: as a store of value, a means of exchange, and a unit of account.
The Convergence of AI and Bitcoin
Wood hinted at a significant impact on the gig economy from the convergence of artificial intelligence and Bitcoin.
The Underappreciated Efforts of Developers
The efforts of developers worldwide are essential for Bitcoin’s future growth and adoption.
On 10 January, during an interview on Fox Business, Wood spoke about the SEC’s Twitter account being compromised, leading to false information about the approval of spot Bitcoin ETFs. Standard Chartered released a report that highlighted the potential approval of Bitcoin spot ETFs by the SEC as a pivotal moment for mainstreaming Bitcoin. It predicts Bitcoin to reach $100,000 by the end of 2024, and potentially about $200,000 by the end of 2025.
Wood shared ARK’s strategy of reducing fees to 0.21 basis points after accumulating $1 billion in investments. She emphasized Bitcoin’s importance as both a technology and an asset class and ARK’s commitment to the cryptocurrency. Regading ARK’s recent divestment of Coinbase shares, Wood clarified that it was a routine portfolio rebalancing move.
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