• ARK Invest CEO Cathie Wood is doubling down on her prediction that Bitcoin will hit seven figures.
• Wood believes the prevailing global economic environment will act as a buffer against inflation and provide an antidote to counterparty risk in the traditional financial system.
• Bitcoin is currently trading at $26,678.
ARK Invest Chief Predicts Bitcoin Reaching Seven Figures
ARK Invest CEO Cathie Wood is reaffirming her prediction that Bitcoin (BTC) will reach seven figures in value. In a new Bloomberg interview, she explained that her confidence has been bolstered by current global economic conditions. According to Wood, these conditions are providing a hedge against inflation and an antidote to counterparty risk in the traditional financial system. At time of writing, BTC was trading at $26,678.
Wood indicated that uncertainty and volatility had increased her faith in Bitcoin’s ability to protect against inflationary forces. She noted that recent events have proven how supply-chain driven forces can lead to such scares, making BTC all the more vital as a secure asset for investors looking for stability during turbulent times.
The ARK Invest CEO also suggested that deflation was now becoming more of a threat than inflation and that this would benefit Bitcoin due to its transparency and pseudo-anonymity on the blockchain network. This visibility would reduce counterparty risk associated with using digital assets within the traditional finance system.
$1 Million Target
Wood remains confident in her initial prediction of BTC reaching $1 million in value as current conditions continue to fuel speculation regarding its future prospects within markets worldwide. The cryptocurrency space continues to experience rapid growth and development despite occasional dips or periods of stagnation, leading many experts like Wood to be optimistic about its long-term performance trajectory .
Ultimately, only time will tell if Cathie Wood’s expectations for BTC are met or not but what is clear from this latest discussion is that she still stands by them despite any short-term fluctuations or external influences which may affect market sentiment towards cryptocurrencies generally speaking .