This is one of the more bullish price predictions on Bitcoin.
In her most recent public appearance, Cathie Wood shared her thoughts on Bitcoin. At the Miami Bitcoin Conference, Cathie Wood stated the cryptocurrency would reach over $1 million per Bitcoin by 2030. At the time of this writing, the crypto is in the $42,000 price range.
With her company Ark Invest, Cathie Wood has a staff of analysts, traders, and various managers. The company provides a variety of resources and analyses through newsletters, podcasts, and videos besides Cathie Woods' appearances in the media.
Ethereum is currently in the $3,200 price range at the time of this writing.
Wood said the U.S. administration has had a big change in its stance this year. First, President Biden gave his stance on the Cryptocurrency market which has been favorable for analysts and investors. Then, Treasury Secretary Janet Yellen also changed her tone on the cryptocurrency market and hinted at creating a digital dollar in this past week’s address.
Wood said, “Treasury Secretary Janet Yellen has changed her tune. It’s a positive thing. A year ago, her first comments on Bitcoin were about money laundering and environmental damage, and now it’s different.”
Cathie Wood sees this as an encouraging sign for the cryptocurrency market overall.
She added, “I’m seeing the politics around Bitcoin changing dramatically, and this is bipartisan.”
She estimates that there are still many people and institutions against Bitcoin.
“What we’re seeing with bitcoin and traditional institutional investors…is that (bitcoin) is very volatile, and that’s scary for investors. This would be very risky to get involved in, it’s a new asset class.’”
As other naysayers have changed their tone and joined the cryptocurrency movement over the past few years, she believes other companies will accept cryptocurrencies in the next few years. These other institutions joining support her claim of Bitcoin reaching the million-dollar mark.
Bitcoin is a hedge against inflation
With inflation, Wood sees Bitcoin as a great hedge.
“If inflation is an issue, Bitcoin is a great hedge against inflation…it is a hedge against counter-party risk.”
Her research shows that 70% of Bitcoin investors hold on to their Bitcoin for longer periods of time (more than six months). This is the equivalent of 13.5 million out of 19 million that are currently circulating.
Cathie Wood shared these thoughts at the Miami Bitcoin conference.
Do you believe Bitcoin will reach $1 million?
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.