Cathie Wood the CEO of ARK Invest, has said that her company is more confident than ever that Bitcoin will reach $1.5 million within the next decade.
She also pointed out that Bitcoin has outperformed the stock market during times of economic turmoil, and that it is therefore a good hedge against inflation and other risks.
The recent banking crisis caused investors to flee to Bitcoin, which rallied from $19,000 to almost $30,000. This shows that Bitcoin is a viable safe-haven asset, just like gold.
Wood believes that Bitcoin will become more widely used as a payment method in the future. She says that it is a more efficient and secure way to make payments than traditional methods, such as credit cards or wire transfers.
Wood says that Bitcoin is a good way to store value because its supply is limited and cannot be changed by central banks.
In a deflationary environment, Bitcoin’s transparent nature makes it a more reliable store of value than traditional assets, which are often subject to counterparty risk.
She shared her thoughts on the SEC’s case against Coinbase. She clarified that the case had no bearing on ARK’s decision to sell its holdings in the exchange’s stock.
Wood is not the only one who is bullish on Bitcoin. Other prominent investors, such as Elon Musk and Michael Saylor, have also expressed their confidence in the cryptocurrency.