© Reuters
By Carjuan Cruz
Investing.com – Celebrity investor Cathie Wood gave a presentation at the 2022 event being held at the Miami Beach Convention Center. She reported that Ark Invest, the company she runs, is reiterating a price target for $1 million by 2030.
“Bitcoin is the first private, global and open, rules-based digital currency system in the history of the world. It’s a very big idea,” said the entrepreneur during her conference “The Future is Bright “, alongside MicroStrategy CEO Michael Taylor.
With this forward projection for bitcoin, the investor confirmed her recommendation of the cryptocurrency as a safe haven in the face of current global price pressures.
“Bitcoin is a great hedge against inflation, it’s a hedge against risk,” Wood said.
In fact, the entrepreneur noted that 70% of bitcoin investors hold their position for the long term: approximately thirteen and a half million of the 19 units are held for the long term. The community understands that.
Wood claimed that bitcoin, the leading cryptocurrency with a capitalization of $830 billion, has increased its liquidity tenfold. “It’s just a taste of what’s to come,” she said.
However, the entrepreneur noted that the price of bitcoin remains volatile, but attributed this to the newness of the cryptocurrency in the market. In fact, she felt that this led to the institutionalization of cryptocurrency not growing any faster.
“It’s gotten better, but it’s still a long way from full acceptance,” he said, referring to the stance of traditional investment banks and big corporations on bitcoin.
“Traditional institutional investors see it’s very volatile, and that scares investors. They think it’s risky. But it’s a new asset class, and we’ll see how it develops” , did he declare. He even added that bitcoin could surpass the $1 million estimate after 2030.
The investor estimates that in eight years, 2.5% of institutional assets will be allocated to bitcoin.
Regulation: “Change of vision”
The CEO of Ark believes that the opinion of the United States on bitcoin and the sector in general has changed in favor of cryptocurrencies, so she is positive about the regulation planned in this country and its effects.
“Treasury Secretary Janet Yellen has changed her tune. It’s a positive thing. A year ago her first comments about bitcoin were about money laundering and environmental damage, and now it’s different” , said Mr. Wood.
“I see bitcoin policies changing drastically and being bipartisan,” she said.