Bitcoin’s Market Cap Could Break Out To $4,500,000,000,000, According To ARK Invest’s Cathie Wood – Here’s Why
Fund manager Cathie Wood says she believes Bitcoin’s (BTC) market cap could rise meteorically and become more valuable than most fiat currencies around the world.
In a new interview on What Bitcoin Did with BTC lawyer Peter McCormack, the ARK Invest CEO says she asked prominent economist Art Laffer to “tear apart” Bitcoin’s whitepaper to see if BTC can serve the three roles of money, which are stores of value. unit of account and medium of exchange.
Wood says Laffer said Bitcoin could potentially be the asset that maintains the value of the US dollar.
“Art [Laffer] tore it apart, which was amazing, and he came back to us and said, ‘I’ve been looking for this ever since we went off the bullion standard. It is a rules-based monetary policy, a rules-based monetary system.’ And he said… ‘It’s a rule and we have to get back to this.’ And I said to him, ‘Art, how big can this be?’ And he said, ‘Well, how big is the US monetary base?’
Now, Bitcoin was $250 at the time, so roughly a network value or market cap of $6 billion. I said, ‘That’s $4.5 trillion.’ He said, ‘There’s your answer.'”
Wood says Laffer’s response motivated her to ‘immediately put a lot of money’ into BTC.
“So I’m saying, I don’t think I’ve revealed this before, but I put in $100,000. I don’t even know [the amount of BTC bought], and I didn’t count at the time. And I have kept everything. Because as soon as he said that, a light bulb went on.”
At the time of writing, Bitcoin is trading at $19,215. With a market cap of over $368 billion, BTC could rise more than 1122% if its valuation rises to $4.5 trillion.
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