Wall Street guru and American investor and founder and CEO and CIO of Ark Invest, Cathie Wood, has predicted that Bitcoin will be worth a million dollars by 2030
Cathie Wood is standing by her bold prediction that bitcoin will reach $US1 million by 2030. This forecast is despite the deepening fallout from the collapse of FTX.
Wood, Wall Street guru, founder, and chief executive of Ark Invest, made the bullish prediction in April this year. At that time, the largest cryptocurrency was trading at around $US41,000 — well below its peak only a few months earlier.
“In fact, bitcoin’s hash rate is at an all-time high”
“Once they actually do the homework and see what’s happened here I think they might be more comfortable moving into bitcoin and perhaps ether as a first stop because they’ll understand it more,” she said.
Ms. Wood insisted the underlying blockchain technology was solid, and said:
“If you look at the bitcoin blockchain and ethereum, what you’ll find is the infrastructure, the technology, has not skipped a beat throughout this entire crisis.
In fact, bitcoin’s hash rate is at an all-time high, and that is a real indication of the security of the network. On ethereum we’re seeing the total value staked at $US24 billion, that is at an all-time high. So the infrastructure is working beautifully.”
It’s been a nightmare year for crypto investors since then, with bitcoin losing more than half of its value after a series of high-profile implosions including the Terra/Luna coins, hedge fund Three Arrows Capital and lender Celsius.
While the price of Bitcoin has traded between $15,599.05 and $59,367.97 over the last year, it did hit an all-time high of around $69,000 in November 2021.
A $100 investment in Bitcoin could purchase 0.00607 BTC today based on a price of $16,466.14 at the time of writing.
Read more: Bitcoin falls to a two-year low
