• ARK Invest CEO Cathie Wood is doubling down on her prediction that king crypto Bitcoin (BTC) will hit seven figures.
• Wood believes that the prevailing global economic environment is raising her confidence in the flagship crypto asset.
• Bitcoin is trading at $26,678 at time of writing.
ARK Invest CEO Predicts Bitcoin Will Hit Seven Figures
ARK Invest CEO Cathie Wood has doubled down on her prediction that king crypto Bitcoin (BTC) will hit seven figures. In a new Bloomberg interview, she said she remains confident that her $1 million target for Bitcoin will be realized due to the prevailing global economic environment. At time of writing, BTC is trading at $26,678.
Bitcoin as a Hedge Against Inflation
Wood believes that the more uncertainty and volatility there is in the global economies, the more her confidence increases in Bitcoin. She views it as a hedge against inflation due to its deflationary macroeconomic environment. Furthermore, according to her, everything on the Bitcoin blockchain is transparent and pseudo-anonymous which reduces counterparty risk in the traditional financial system.
Confidence Growing Despite Lower Prices
Despite BTC’s current price being lower than what it was last year, Wood’s confidence in it hitting seven figures continues to grow over time as she sees potential for long-term growth given its use cases and utility within various industries such as finance and technology. Her bullish outlook on BTC comes at a time when many investors are uncertain about its future performance given its recent price movements and volatility over the past few months or so.
Opportunities for Growth Amidst Global Uncertainty
The current pandemic has created an atmosphere of uncertainty across all markets which presents opportunities for certain investments such as cryptocurrency assets like BTC to grow exponentially in value if they can capitalize on this newfound volatility and increase their use cases beyond just speculation or hedging against inflationary pressures. This could be done through partnerships with existing financial institutions or other traditional enterprises looking to enter into cryptocurrency-related ventures given their low barriers to entry compared with other asset categories such as stocks or commodities which require much higher investment amounts before they can be traded profitably by retail investors.
Overall, ARK Invest CEO Cathie Wood remains confident in her prediction that bitcoin will hit seven figures despite current market conditions being less than ideal for cryptocurrencies overall right now due to factors such as increased regulation and reduced liquidity levels in certain regions around the world which have caused some investors to become uncertain about its future prospects moving forward into 2021 and beyond