In an interview with CNBC, Ark Invest CEO Cathie Wood restated her optimistic outlook for Bitcoin and the cryptocurrency market. She confirmed that her company still stands by its $500,000 target for Bitcoin. Wood claims that only centralized and opaque cryptocurrency firms, such as Celsius and FTX, lost money in 2021.
Wood believes that the idea of transparency and decentralization is gaining popularity after the FTX exchange’s collapse in November 2021. According to Wood, Bitcoin and Ethereum are the best examples of transparency and decentralization in the cryptocurrency world.
Wood has made bold predictions about the upward trend of Bitcoin. In a Bloomberg interview in May 2021, she predicted that Bitcoin would reach $500,000 by 2026 and later increased the prediction to $1 million by 2030 at the beginning of 2022.
ARK’s recent research on Bitcoin’s prospects described that it may grow into a multi-trillion-dollar market by the end of the decade. Even the most pessimistic scenario for Bitcoin predicts a price of $258,500 in the next seven years, an increase of 1,022% from its current value.
Despite a challenging year in 2022, ARK insisted that Bitcoin’s foundations are strong, citing institutional adoption, increasing hash rates, and long-term holder supply as evidence. The research states that the contagion caused by centralized counterparties has elevated Bitcoin’s value propositions of decentralization, auditability, and transparency. The company says that the Bitcoin network’s fundamentals have strengthened and its holder base has become more focused on long-term investments.
Source: https://coinpedia.org/bitcoin/bitcoin-price-prediction-2030-heres-what-ark-invest-ceo-cathie-wood-predicts/