Ark Invest’s Cathie Wood sees Bitcoin reaching up to $1.5 million By Investing.com
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NEW YORK – Cathie Wood, CEO of Ark Invest, has doubled down on her bullish forecast, suggesting the cryptocurrency could potentially surge to between $1 million and $1.5 million per coin in a bull scenario. In an interview with the Wall Street Journal today, Wood cited Bitcoin’s value doubling since the start of the year as a primary driver behind her optimistic outlook. This increase is largely attributed to the growing anticipation around the approval of a spot Bitcoin exchange-traded fund (ETF).
Wood’s base case estimates place Bitcoin at $650,000, underscoring her confidence in the digital asset’s future. She believes that the decentralized nature and resilience of Bitcoin have been highlighted by last year’s bankruptcies of major crypto entities like FTX, Celsius, and Three Arrows. These events have seemingly reinforced the cryptocurrency’s robustness in the face of industry turmoil.
Earlier today, in a dialogue with Yahoo! Finance, Wood elaborated on her views, describing Bitcoin as the first global, digital, private, rules-based monetary system. She contrasted this with current global monetary policies and pointed to Bitcoin’s finite supply and increasing institutional interest as key factors supporting her prediction.
Wood also discussed Ark Invest’s collaboration with 21Shares to launch digital asset ETFs and expressed optimism about the U.S. Securities and Exchange Commission (SEC) eventually approving a spot Bitcoin ETF. She believes that SEC approval would not only enhance institutional trust but also significantly impact Bitcoin’s adoption rate and market capitalization.
Furthermore, Wood touched upon the ongoing lawsuit between Coinbase (NASDAQ:) Global Inc. and the SEC, expressing confidence in Coinbase’s ability to appeal effectively, potentially up to the Supreme Court if necessary.
Investors are closely monitoring these developments as they could pave the way for broader acceptance and integration of Bitcoin into traditional investment portfolios. The potential approval of a spot Bitcoin ETF is particularly seen as a milestone that could provide easier access for average investors and contribute to further price elevation for the leading cryptocurrency.
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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© Mundo Crypto PR
NEW YORK – Cathie Wood, CEO of Ark Invest, has doubled down on her bullish forecast, suggesting the cryptocurrency could potentially surge to between $1 million and $1.5 million per coin in a bull scenario. In an interview with the Wall Street Journal today, Wood cited Bitcoin’s value doubling since the start of the year as a primary driver behind her optimistic outlook. This increase is largely attributed to the growing anticipation around the approval of a spot Bitcoin exchange-traded fund (ETF).
Wood’s base case estimates place Bitcoin at $650,000, underscoring her confidence in the digital asset’s future. She believes that the decentralized nature and resilience of Bitcoin have been highlighted by last year’s bankruptcies of major crypto entities like FTX, Celsius, and Three Arrows. These events have seemingly reinforced the cryptocurrency’s robustness in the face of industry turmoil.
Earlier today, in a dialogue with Yahoo! Finance, Wood elaborated on her views, describing Bitcoin as the first global, digital, private, rules-based monetary system. She contrasted this with current global monetary policies and pointed to Bitcoin’s finite supply and increasing institutional interest as key factors supporting her prediction.
Wood also discussed Ark Invest’s collaboration with 21Shares to launch digital asset ETFs and expressed optimism about the U.S. Securities and Exchange Commission (SEC) eventually approving a spot Bitcoin ETF. She believes that SEC approval would not only enhance institutional trust but also significantly impact Bitcoin’s adoption rate and market capitalization.
Furthermore, Wood touched upon the ongoing lawsuit between Coinbase (NASDAQ:) Global Inc. and the SEC, expressing confidence in Coinbase’s ability to appeal effectively, potentially up to the Supreme Court if necessary.
Investors are closely monitoring these developments as they could pave the way for broader acceptance and integration of Bitcoin into traditional investment portfolios. The potential approval of a spot Bitcoin ETF is particularly seen as a milestone that could provide easier access for average investors and contribute to further price elevation for the leading cryptocurrency.
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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