Cathy Wood reiterated her positive view of Bitcoin this week at the Bitcoin 2022 conference in Miami, Florida.
Ark Invest CEO predicts crypto will reach $1 million by 2030 in a presentation Thursday.
“We think bitcoin is just getting started,” she told CNBC. “Institutions are now only catching up with individuals in terms of BTC adoption,” she explained.
In recent weeks, the price of BTC fell below $43,000 on several occasions and subsequently failed to make meaningful gains.
The world’s highest cryptocurrency fell to $42534.90, down 8.1% in the past seven days, Koenigku Data show, Sat.
Wood relayed the high-level speculation from her company’s Big Ideas 2022 report during her appearance in Miami. This included the high price of the cryptocurrency.
Annoying bitcoin price target
“Bitcoin price target for 2030 is greater than $1 million per bitcoin,” Wood stated.
Bitcoin 2022 Miami is the world’s largest gathering of crypto educators and entrepreneurs. It takes place April 6-9 at the Miami Beach Convention Center and has already attracted over 35,000 registrants and more than 7 million live viewers from around the world.
According to Wood, bitcoin is the world’s first rules-based open source private digital cash system.
“It’s a pretty big idea,” the investor stated during her “The Future Is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, a major crypto proponent.
BTC total market cap at $805.70 billion on the weekly chart | Source: TradingView.com
Hedge vs. economic inflation
Wood, 66, referred to the world’s most valuable cryptocurrency as an “inflation hedge.”
It omitted, however, the mention that digital assets have fallen in value by 27% over the past year, while inflation has risen.
Consumer prices rose about 8% in the 12 months through February of this year. Wood’s forecast could mean a 25-fold gain in the recent bitcoin price of $38,094.
Wood notes that 70% of cryptocurrency investors are long-term, which equates to approximately 13.6 million units out of more than 20 million cryptocurrency units.
The best is yet to come?
In addition, she notes that bitcoin, which has a market capitalization of $830 billion, has seen a tenfold increase in liquidity. “This is just a preview of what’s to come,” she commented.
While its market valuation surpassed $1 trillion in 2021, ARK’s analysis indicated that the fundamentals of the cryptocurrency network “remain intact,” ARK analyst Yassin El Mangarh revealed in a recent report.
Meanwhile, institutional investors are increasing their exposure to BTC, according to Elmandgra.
She added that as more regulated tools are launched and adopted by companies and nation states, it appears that the base of institutional Bitcoin owners is expanding.
Suggest reading | BTC regains a strong position as price approaches $45,000
Featured image from Forbes, chart from TradingView.com