$500,000 Bitcoin prediction
Ark Invest, led by Cathie Wood, is known for investing in disruptive technology, including Bitcoin. Despite its downfall in 2022, Wood believes it will eventually reach $500,000 in the future.
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During an interview on CNBC on Wednesday, Wood confirmed her firm’s commitment to its bold market forecast. She also said that “Bitcoin along with Ethereum are the best manifestations of transparency and decentralization in the crypto world.”
"After the #crypto fallout this year, this idea of transparency and decentralization is taking hold. #Bitcoin and #Ethereum are the best manifestations of that in the crypto world," says @ARKInvest CEO @CathieDWood on $BTC. pic.twitter.com/IWIZOvzx5w
— Squawk Box (@SquawkCNBC) February 1, 2023
Wood noted that the defunct crypto exchange’s former CEO of FTX, Sam Bankman-Fried (SBF), had a critical stance towards Bitcoin. “SBF really didn’t really like Bitcoin,” she said, pointing to Bitcoin’s decentralization and transparency.
Wood also pointed out how mainly the highly centralized entities in the crypto space failed, including FTX, Celsius, BlockFi, Three Arrows Capital, and many others. Despite all the craziness in 2022, she explained that “all transactions were completed, and all smart contracts opened and closed.”
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Her opinions are actually the opposite of what we are seeing recently. For example, Peter Schiff claimed Bitcoin is worthless and it’s going to zero, a few weeks before it exploded by 30%.
Jim Cramer also stated in December that it’s the last chance to withdraw money from crypto before it all goes to zero. At that time, Bitcoin was at $17,000. Now it sits comfortably around $23,000.
Bottom line
The sentiment is changing with Bitcoin’s price, that’s for sure. The FTX crash may have slowed down the crypto adoption, but the recent pump suggests that crypto is definitely not dead. If it were to continue on its trajectory, it could really hit Wood’s target by 2030.
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