The CEO of Ark Invest Cathie Wood still has high hopes that Bitcoin will surge in price and attain a worth of $1M by 2030, regardless of the present state of the crypto market.
Despite the ongoing decline, however, Cathie Wood, founder of Ark Invest, maintains her optimistic stance about the price forecast of bitcoin.
The recent failure of FTX has resulted in an increasing amount of selling pressure being exerted on the global cryptocurrency market. On a year-to-date (YTD) basis, the price of Bitcoin, the most popular cryptocurrency in the world, has decreased by a significant 65%.
During her conversation with Bloomberg Markets, Cathie Wood provided some clarity about her viewpoint on predicting the price of bitcoin. Wood has maintained that she is going to stick to her prediction that the price of one bitcoin would reach $1 million by the year 2030.
Cathie Wood said that there are times when the market has to go through the ordeal of war and a crisis in order to determine what is true. Nevertheless, it is essential to observe the survivor in the aftermath of the event. It is essential to examine the infrastructure of the market.
She brought attention to the fact that Bitcoin has emerged victorious despite all of these challenges. In the meanwhile, Wood is of the opinion that one factor that might postpone this is the withdrawal of support from institutional investors. They need to convince themselves that they do, in fact, comprehend this matter.
These institutional investors will feel more at ease after they have had the opportunity to take some time off, complete their research, and conduct an in-depth examination of what occurred here. The next logical step for them is to investigate cryptocurrencies like Bitcoin and Ethereum.
Cathie Wood went on to emphasize that despite the fall of FTX, she continues to have faith in the cryptocurrency sector.
