- Cathie Wood reiterates her $1.5 million trading price prediction of Bitcoin, claiming her Fund has a lot of confidence in the bullish case.
- Michael Saylor had equally predicted that the Bitcoin price could surge by 10X from its current price.
Ark Invest’s Cathie Wood has predicted on multiple occasions that the Bitcoin (BTC) price could hit $1.5 million by 2030. On Tuesday, she reiterated her prediction stating that her company is even more confident in the bullish case of the digital asset.
She earlier argued that Bitcoin can sail through different environmental challenges. Interestingly, the digital asset proved this with its response to the recent US regional bank crisis in March.
ARKK’s Cathie Wood: on #bitcoin “is an insurance policy against two things: the confiscation of wealth, either directly or by inflation, or in the deflation world, what is it a hedge against? It’s a hedge against counterparty risk. We won’t have an ’08-’09 with bitcoin” pic.twitter.com/jk9hR0Lsid
— Pledditor (@Pledditor) July 17, 2023
In the report, Ark Invest predicted the bear, base, and bull cases for Bitcoin by 2030. According to the report, the price will trade around $258,500, $682,800, and $1.48 million respectively over the expected period. The predictions are subjected to conditions of the total market shares of various financial use cases that can be absorbed by Bitcoin.
The bull case is dependent on the asset absorbing a 50 percent market cap of gold in addition to obtaining a 6.5 percent institutional asset base as well as 10 percent of the M2 money supply.
In an interview, Wood stated that in the recent situations of regional banks going bankrupt and stocks imploding, Bitcoin defied all odds to move from $19,000 to $30,000. According to her, this is a “flight to safety” among investors. She also finds the digital asset as insurance against both direct and indirect confiscation of wealth.
Wood and Michael Saylor Agree on Bullish Case for Bitcoin
With its limited supply of 21 million, Wood thinks inflation of this style is impossible, and the asset even acts as a hedge against counterparty risk even in a deflationary environment for fiat.
is an insurance policy against two things: the confiscation of wealth, either directly or by inflation, or in the deflation world, what is it a hedge against? It’s a hedge against counterparty risk. We won’t have an ’08-’09 with Bitcoin.
Michael Saylor, the co-founder and former CEO of MicroStrategy has made a similar prediction as he believes that regulatory clarity in the US could catalyze the surge of the digital asset. According to Saylor, the next logical step for the Bitcoin price is “10x from here, and then 10x again.”
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream.
His other argument is that the crackdowns from the US Securities and Exchange Commission are setting Bitcoin up for a bull run. The reason is that the commission has so far listed some altcoins including Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities. Interestingly, Bitcoin was left out. With this, Saylor argues that assets that use the proof-of-stake (PoS) mechanism are securities.
It has been explicitly stated by the regulators if there is a stake and it generates yield it’s an investment contract and an investment contract is a security.
As of press time, Bitcoin was trading at $30,003.45 after falling by 2.47 in the last seven days.
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