Cathie Wood allows the price of bitcoin to rise to $1.5 million
▶ CEO of ARK Invest: There will be no economic crisis with bitcoin, similar to the one that was in 2008–2009. Everything is decentralized and transparent
The CEO of the investment company ARK Invest, Catherine Wood, believes that in just 7 years the cost of the main crypto coin can reach $1.5 million, which will be helped by the crisis in the banking market. According to her, the lower limit for the growth of bitcoin could be $625,000.
Wood links BTC price growth dynamics to the effects of the recent turmoil in the US banking market, when Silvergate Bank, Signature Bank and Silicon Valley collapsed. The head of ARK Invest believes that it was the crisis that became the prerequisite for strengthening the long-term prospects of the main crypto coin.
Against the backdrop of collapsed American banks and falling stocks, BTC has risen in price from $19,000 to $30,000. This indicates that people have begun to invest in bitcoins in search of a safe haven where everyone will soon want to go.
“Bitcoin is insurance. With bitcoin, there will not be an economic crisis similar to the one that was in 2008–2009. Everything is decentralized and transparent,” Wood said.
The head of the investment company believes that bitcoin is insurance against direct confiscation of money, when they are forcibly withdrawn, and from indirect, for example, inflation, in which this or that currency depreciates. However, this does not threaten Bitcoin, since its supply is limited to 21 million coins.
Meanwhile, BBC World cryptanalyst Glen Goodman opined on Standard Chartered’s recent forecast for Bitcoin to rise to $120,000. According to him, the prediction “is more like numbers taken from the air than a realistic forecast.”
Earlier, Standard Chartered spokesman Jeff Kendrick said that the company has become more positive about the future of bitcoin. In particular, the organization believes that the price of BTC will rise from $100,000 to $120,000 by the end of this year.
Goodman believes that the authors of such forecasts take the side of stock exchange bulls and do not take into account several important factors that investors should consider. The main thing is that American regulators continue to put pressure on crypto market players, initiating various proceedings and litigation.
“The bottom line is that bitcoin is entirely dependent on future events. Some, such as a future halving, are known, others, such as a possible recession, are unknown. Therefore, the forecast of $120,000 seems like figures taken from the air,” Goodman said.
Do you agree with the expert?
