Bitcoin’s mining difficulty increased by 1.48% at block height 844,704, reaching 84.38 trillion. This adjustment aligns with Bitcoin’s overall hashrate exceeding the 600 exahash per second (EH/s) mark. Bitcoin Network Difficulty Increases by 1.48% On May 23, 2024, at block 844,704, the difficulty adjusted from 83.14 trillion to 84.38 trillion. This rise follows a 5.62% […]
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ARK Invest’s Cathie Wood Reveals Why Bitcoin Will Reach $1.48 Million
ARK Invest CEO Cathie Wood is no stranger to Bitcoin predictions given that the asset manager has previously said that BTC will go to 0,000 and even reach million. As always, Wood remains steadfast in her Bitcoin predictions, coming out once more with an even more daring figure for the pioneer cryptocurrency.
Cathie Wood Says Bitcoin To Million
Cathie Wood, who is the founder and CEO of ARK Invest, an investment firm with over billion in assets under management (AUM) has come forward with a new price expectation for Bitcoin. The CEO had a chat with Natalie Brunell, hist of the “Coin Stories” podcast, where she made this new prediction.
As Wood explains, ARK Invest’s research team’s efforts have shown that Bitcoin’s growth will be largely driven by institutional adoption. They expect the digital asset to undergo a massive rally as the next decade begins.
Wood points to the adoption trend of new assets by these large institutional investors and how they often tend to allocate their portfolios. As the CEO points out, between 5% and 6% of institutional investors’ portfolios were allocated to assets such as real estate after the managers had tested the waters.
Bitcoin could be seen as being in the ‘testing the waters’ phase where institutional investors are still only putting around 1% into the digital asset to see how it turns out. Then gradually, they expand their allocation until they get to that 5% to 6% range. Now, when this happens, as Wood has pointed out before, BTC will cross the 7-figure mark.
Wood tells Brunell that she wants the Bitcoin price to cross million by 2030. But this doesn’t mean that the CEO does not expect the digital asset to grow further as she puts it as high as .48 million in the next seven years.
The ARK Invest founder further points out that some companies are already starting to exceed the conservative 1% allocation. “Tesla, Square have Bitcoin on the balance sheets. But we make very cautious assumptions and I think the corporate treasury assumption is 2.5% of all cash and cash equivalent in Bitcoin.”
Wood stated:
If we’re right and the purchasing power of Bitcoin becomes so obvious in the years ahead, meaning the purchasing power goes up, instead of cash [dollars] staying pretty flat, if not, in real terms, deteriorating, then more and more corporate treasuries are going to be putting Bitcoin on their balance sheets.
She believes analysts at these companies will ask companies to put money into BTC rather than leave it in cash where the value continues to decline.
Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48 Million
Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bull case where bitcoin could rise to .48 million per coin. Ark Invest CEO Cathie Wood sees bitcoin as “an insurance policy for everyone against the confiscation of wealth.”
Ark Invest: Bitcoin Price Could Reach .48 Million
Ark Investment Management (Ark Invest) published its annual Big Ideas 2023 last week. The report “highlights the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow,” Ark Invest’s analysts explained. The topics discussed in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks.
Regarding bitcoin, the Ark Invest analysts wrote:
We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin has not skipped a beat. Its network fundamentals have strengthened and its holder base has become more long-term focused.
They emphasized: “Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency.”
The investment management firm provided three different price predictions for bitcoin in this year’s Big Ideas report, instead of a single prediction offered in the previous year. The “bear case” prediction puts BTC at 8,500 by 2030 while the “bull case” prediction sees the price of the cryptocurrency reaching .48 million per coin. The firm also offered a “base case” price target for BTC of 2,800, using the assumptions deemed most likely to occur.
Ark Invest CEO Cathie Wood has long been a supporter of bitcoin. She explained in an interview with Bloomberg last week why she and her investment firm remain bullish about the future outlook for the largest cryptocurrency.
“In the last three years, the fiscal and monetary responses to Covid in many countries are causing hyperinflation and physical crises. We are seeing protests and riots all over the place,” she described. “Well, where do these people go for an insurance policy against an implosion in their purchasing power and wealth? … It is in something like bitcoin.” The Ark Invest executive elaborated:
Bitcoin is an insurance policy, and it is an insurance policy for everyone against the confiscation of wealth.
Do you agree with Ark Invest and its CEO Cathie Wood about bitcoin? Let us know in the comments section below.