Bitcoin News and Finance Ark Invest Now More Confident in Bitcoin Reaching $1.5 Million, CEO Says Skip to main content

Ark Invest Now More Confident in Bitcoin Reaching $1.5 Million, CEO Says

Ark Invest Now More Confident in Bitcoin Reaching $1.5 Million, CEO Says

The CEO of investment management firm Ark Invest, Cathie Wood, has explained why her firm’s confidence in bitcoin’s price reaching $1.5 million has increased. Citing the crypto’s performance during the regional bank crisis earlier this year, she stressed, “That was the flight to safety,” emphasizing that bitcoin is the insurance her team believes “everyone will want at the end of the day.”

Ark Invest’s Bitcoin Price Predictions

Ark Investment Management (Ark Invest) is now more confident in bitcoin’s price reaching $1.5 million per coin. The firm’s CEO, Cathie Wood, said in an interview with Bloomberg Monday:

Our confidence has increased toward the bull case.

The bull case Wood referred to was one of the three scenarios Ark Invest outlined in its annual Big Ideas 2023 that was published in February. In the firm’s base case scenario, the price of bitcoin is projected to reach $682,800 by the end of December 2030, while the bull case scenario envisions BTC soaring to $1.48 million in the same time period.

Wood attributed the increased bullishness in bitcoin to the regional bank crisis in March, when several major banks failed, including Silicon Valley Bank and Signature Bank. “As regional banks are going bankrupt, and stocks are imploding across the board … bitcoin rallied from $19,000 to $30,000,” the Ark Invest CEO noted, emphasizing:

That was the flight to safety. That is the insurance policy … that we believe everyone will want at the end of the day.

Multiple people have warned that more banks are about to fail, including Rich Dad Poor Dad author Robert Kiyosaki. Economist Peter Schiff, however, believes that all banks will fail and people will suffer massive losses as the banking crisis unfolds.

Wood highlighted that bitcoin is an “insurance policy against two things.” Firstly, she emphasized its role in protecting against wealth confiscation, whether through direct means or inflation. Secondly, in a deflationary environment, bitcoin serves as a hedge against counterparty risk. Emphasizing the decentralized and transparent nature of BTC, the Ark Invest executive believes that a repeat of the financial crisis of 2008-2009 will not happen. “We won’t have an ‘08-‘09 with bitcoin. Everything is decentralized and transparent — no obfuscation,” she stressed.

Do you agree with Ark Invest CEO Cathie Wood about bitcoin? Let us know in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory