Bitcoin to cross $1 million in ten years, predicts ARK’s Cathie Wood By Investing.com
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ARK Investment Management CEO, Cathie Wood, has reiterated her belief in as the leading deflation safeguard for the next decade. In a recent podcast, she stated that Bitcoin’s potential surpasses both gold and cash. This faith is rooted in the transformative influence of emerging technologies, including AI, EVs, robotics, genomics, and blockchain on market dynamics.
Despite a significant 64% crash in Bitcoin’s value in 2022 and prevalent inflation concerns, Wood remains resolute in her prediction that Bitcoin will cross the $1 million mark within the coming decade. The cryptocurrency has more than doubled its value this year due to its potential as an inflation hedge and market anticipation of the SEC’s approval of Bitcoin ETFs.
In partnership with 21Shares, ARK applied for a Bitcoin ETF and invested in Grayscale Bitcoin Trust (GBTC) at a 40% discount last November via the ARK Next Generation Internet ETF. GBTC, the fund’s largest holding, has driven a 224% return this year, outpacing Bitcoin’s own 114% rally.
Wood suggests an imminent convergence of AI and Bitcoin could trigger a global labor revolution. She credits this transformative potential to the influence of emerging technologies on market dynamics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
ARK Investment Management CEO, Cathie Wood, has reiterated her belief in as the leading deflation safeguard for the next decade. In a recent podcast, she stated that Bitcoin’s potential surpasses both gold and cash. This faith is rooted in the transformative influence of emerging technologies, including AI, EVs, robotics, genomics, and blockchain on market dynamics.
Despite a significant 64% crash in Bitcoin’s value in 2022 and prevalent inflation concerns, Wood remains resolute in her prediction that Bitcoin will cross the $1 million mark within the coming decade. The cryptocurrency has more than doubled its value this year due to its potential as an inflation hedge and market anticipation of the SEC’s approval of Bitcoin ETFs.
In partnership with 21Shares, ARK applied for a Bitcoin ETF and invested in Grayscale Bitcoin Trust (GBTC) at a 40% discount last November via the ARK Next Generation Internet ETF. GBTC, the fund’s largest holding, has driven a 224% return this year, outpacing Bitcoin’s own 114% rally.
Wood suggests an imminent convergence of AI and Bitcoin could trigger a global labor revolution. She credits this transformative potential to the influence of emerging technologies on market dynamics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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