IMPORTANT POINTS:
- Ark Invest’s Cathie Wood stands by her prediction that Bitcoin will hit $1 million by 2030, despite regulations.
- The investor views Bitcoin as an antidote to counterparty risk and a hedge against inflation.
- Wood believes that Coinbase will emerge victorious from the SEC lawsuit, and has acquired large amounts of shares in the company.
Despite a regulatory uproar, Ark Invest’s Cathie Wood is sticking to one of the most ambitious projections yet: that the price of Bitcoin will surpass $1 million by the end of the decade. The renowned investor and staunch supporter of the crypto industry consider Bitcoin to be a perfect hedge against inflation and counterparty risk.
Wood still expects BTC to close the decade at $1M
Cathie Wood has reaffirmed her prediction of a $1 million Bitcoin price.
Wood said in a Thursday interview with Bloomberg that the “uncertainty and volatility” in global economies have only increased his confidence in the leading cryptocurrency.
For Wood, Bitcoin is an “antidote” against counterparty risks and a hedge against inflation. Due to this fundamental strength, the investor says, Bitcoin will reach $1 million by 2030.
In May 2021, Wood made her first bold price prediction during a Bloomberg interview, predicting that Bitcoin would hit $500,000 by 2026. In early 2022, she upped the ante to $1 million by 2030.
Wood Says Coinbase Will Win in SEC Lawsuit
Wood has also shown great optimism towards Coinbase in recent months. Speaking about the legal standoff at Binance and Coinbase amid the ongoing SEC onslaught on the crypto industry, the Ark Invest CEO and CIO noted that the two giant cryptocurrency exchanges are “not in the same situation at all”.
The SEC filed two major lawsuits and a temporary restraining order request in two days against Binance and Coinbase, respectively the largest crypto exchanges in the world and in the Americas. Despite the fact that the lawsuits against the companies were almost simultaneous, Wood stressed that the complaint against Binance was much more serious. He posited that “we have the Coinbase competition going away, so that’s a good thing for Coinbase in the long run.”
Wood further noted that it was “unfortunate” that the SEC sued Coinbase the day after it took action against Binance and that SEC Chairman Gary Gensler was simply “trying to implicate Coinbase in the same way that he was implicating Binance.”.
Wood’s Ark Invest has acquired large amounts of Coinbase shares. On Tuesday, ARK bought 419,324 shares of Coinbase worth approximately $22 million shortly after the SEC announced its complaint against the only publicly traded cryptocurrency exchange.
