Will Bitcoin BTC Reach $1 Million? Cathie Wood means it!
Without a major crisis, there are no major opportunities. For Cathie Wood, the crises we are going through today create buying opportunities.
The founder and CEO of Ark Investment Management took part in a virtual interview with Bloomberg on Wednesday, where she shared her perspectives on the electronic currency after a series of scandalous events rocked the entire market.
Bitcoin to the moon says Wood
Wood’s belief in crypto is unwavering despite the deteriorating market conditions.
The respected investor stated, “The infrastructure works beautifully,” given the fact that Bitcoin’s hashrate reached an all-time high earlier this month while Ethereum’s total stake also skyrocketed.
The crisis itself is a destructive process. But destruction can reveal incredible possibilities. Wood went on to state, “Sometimes you have to struggle, you have to go through crises to see the survivors first of all.”
Ark Invest’s founder predicted that Bitcoin could rise to $1 million.
Last year, Wood predicted that the value of bitcoin will increase to $500,000 in the next 5 years. Although the market downturn dragged the world’s largest cryptocurrency down 65% this year, the investor has strong support for bitcoin.
A force in finance
Cathie Wood entered the world of finance as assistant economist at Capital Group. Over the next few years, Wood became a prominent figure in investment, especially after her successful “bet” on Tesla.
Her investment philosophy is focused on what will succeed in the future, which she found in bitcoin.
According to Ark’s latest investment portfolio updates, the firm just bought 176,945 shares of Grayscale’s Bitcoin Trust (GBTC) fund on November 15 and 22, 2022. In total, Wood’s company now holds nearly 6.357 million GBTC shares, representing 0.4% of the company’s total investments.
It is believed that the company’s GBTCs are currently worth $55 million. Grayscale is believed to be the second largest holder of bitcoin in the world, and the company would not be in danger despite the failures of its subsidiary Genesis, which has $175 million dollars trapped on the FTX exchange.
Grayscale is the second largest holder of bitcoin in the world.
FTX’s descent into hell provoked a crisis of confidence in the crypto market. Many investors fled in the wake of the crash. Hope stands like a light against the wind. But Wood is not the only individual who is optimistic about the future of crypto.
Buy The Bear Market!
A new working paper published by a Harvard Ph.D. graduate suggests that central banks should adopt bitcoin to manage the risk of sanctions and economic war.
Mathew Ferranti, the author of the report “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves”, urged governments and central banks to add the digital asset to their reverses.
Ferranti supported the hypothesis that the largest cryptocurrency offers a way for countries facing economic war risks to understand.
It didn’t take long for the report to cause a stir among Bitcoin enthusiasts. Using bitcoin to evade transactions has been in the headlines since the conflict between Russia and Ukraine.
Under severe sanctions from Western powers, Russia’s central bank and finance ministry have announced that they will partially switch to using cryptocurrencies to facilitate cross-border transactions.
However, the report noted that focusing too much on digital assets could be a hindrance. In March, Gemini, Coinbase and Binance received requests from the US government to report transactions involving sanctioned Russian individuals or entities.
El Salvador has a balance of almost 3000 BTC. The United States has imposed many sanctions against the Central American country. Officials and groups in the country have been hit by tough sanctions.
In West Asia, the UAE is in the lead when it comes to the potential for cryptocurrency development.
It is constantly announcing partnerships with institutions, showing that it wants to become a global technology hub by bringing cryptocurrency companies and investors to Dubai.
Most countries actually believe in gold instead of Bitcoin. But based on the analysis, the best way to use both assets would be to buy them both and get the benefits of diversification.
Bitcoin will make things easier, keep up with the times and can be seen as an investment. Gold will give you a sense of security because it is 5 times less volatile than Bitcoin.
