Cryptocurrency

Will Bitcoin BTC Hit $1 Million? Cathie Wood Thinks So!

Without a major crisis, there are no great opportunities. For Cathie Wood, the crises we’re enduring today create buying opportunities.

Founder and chief executive of Ark Investment Management joined a virtual interview with Bloomberg on Wednesday, in which she shared her perspectives on the electronic currency after a series of scandalous events shook the entire market.

Bitcoin to the Moon Says Wood

Wood’s faith in crypto is unshakeable despite the aggravated market conditions.

The respected investor stated, “the infrastructure is working beautifully,” given the fact that Bitcoin’s hashrate hit an all-time high earlier this month while Ethereum’s total value staked also skyrocketed.

The crisis itself is a destructive process. But destruction can emerge incredible opportunities. Wood went on to state, “Sometimes you need to battle test, you need to go through crises to see the survivors first of all.”

Ark Invest’s founder predicted that Bitcoin could surge to $1 million.

Last year, Wood predicted 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 by 65% this year, the investor holds strong support for bitcoin.

A Force in Finance

Cathie Wood entered the world of finance as an assistant economist at Capital Group. Over the next few years, Wood became a prominent figure in investment, particularly 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 updates of the investment portfolio, the firm just bought 176,945 shares in 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 total investments of the company.

It’s believed that the company’s GBTCs currently have a value of $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 path descending to hell provoked a crisis of confidence in the crypto market. Many investors fled in the aftermath of the crash. Hope stands like a candle against the wind. But Wood is not the only individual to stay bullish on 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 risks of sanctions and economic war.

Mathew Ferranti, the author of the report “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves”, called on governments and central banks to add the digital asset to their reverses.

Ferranti supported the hypothesis that the biggest cryptocurrency offers a way for countries facing economic war risks to grasp.

It didn’t take too 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 forces, the Central Bank of Russia and the Ministry of Finance have announced that they will partially switch to using cryptocurrencies to facilitate cross-border transactions.

The report, however, noted that it could be an obstacle if we focused too much on digital assets. In March, Gemini, Coinbase, and Binance received requests from the US government to report any transactions involving sanctioned Russian individuals or entities.

El Salvador has a balance sheet of nearly 3,000 BTC. The US has put a lot of sanctions on the Central American country. Officials and groups in the country have been hit with tough sanctions.

In West Asia, the UAE is in the lead when it comes to the potential for cryptocurrency development.

It keeps announcing partnerships with institutions, which shows that it wants to become a global technology hub by getting cryptocurrency businesses and investors to come to Dubai.

Most countries are in fact putting their faith 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.

The post Will Bitcoin BTC Hit $1 Million? Cathie Wood Thinks So! appeared first on Blockonomi.

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With 5 years of experience as an editor, Matthew has been a crucial part of TheTechly since its inception. He looks after the editing of news content published on TheTechly. Apart from investing his time in editing, he also provides well-researched news articles for the U.S. niche.
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