ARK Invest CEO Cathie Wood has expressed confidence in the company that Bitcoin will reach a price of $1.5 million within the next decade.
Speaking to Bloomberg TV on July 17, Wood commented that the aftermath of the March regional bank crisis has increased the likelihood that ARK will take a “bullish stance” on Bitcoin.
According to Wood, investors flocked to bitcoin even amid the overall stock market crash in the aftermath of the banking crisis. This “flight to safety” pushed Bitcoin up from $19,000 to nearly $30,000. This shows that the flagship cryptocurrency has become a viable safe haven asset, just like gold.
Wood believes Bitcoin will continue to establish itself as “insurance” and that “in the end, everyone will want Bitcoin.”
Insurance against property confiscation
Wood said consumers will ultimately want bitcoin to be protected from illicit wealth confiscation, which could occur directly through state intervention or indirectly through inflation. claimed. Wood argues that bitcoin is an attractive way to store wealth and avoid inflation because the supply of bitcoin cannot be changed by central banks.
On the other hand, in a deflationary scenario, Bitcoin’s transparency acts as a hedge against counterparty risk, which was a major factor in the 2008 financial crisis.
Mr Wood said:
“There is no 2008 or 2009 with Bitcoin. Everything is decentralized, no obfuscation.”
Thoughts on Coinbase, SEC and Ripple
Wood also shared his view on the SEC lawsuit against Coinbase, clarifying that the lawsuit has nothing to do with ARK selling its stock exchange holdings.
He said the company has profited from betting on Coinbase after the stock price plummeted following the SEC action.
He said that while Coinbase’s share price fell significantly after the lawsuit went public, it did not fall to new lows, and ARK continues to maintain a “very positive” stance on the asset. explained in detail.
Wood also expressed optimism that the exchange is likely to win the SEC lawsuit, citing the recent court ruling in Ripple’s lawsuit against the SEC as a major factor.
Kathy Wood’s Post, ARK Invest Expects $1.5 Million Bitcoin Even After US Bank Crisis, First Appears On CryptoSlate.