By Shelly Melancon (Switzerland)
While speaking at the 2022 Miami BTC conference this week, Ark CEO (Cathie Wood) reiterated her bullish stance about bitcoin. She even made an audacious remark that BTC’s price will likely hit $1M within the next decade. During her talk, Wood said, “the current BTC adoption rate is only the beginning. Institutions and individuals are now almost at the same level of BTC adoption.”
Coingecko data shows that BTC price declined by 8.2% in the past week and trades at $42.6K as of this writing. The Ark CEO revealed she made this assertion based on her firm’s analysis of the leading crypto, which was contained in their big ideas 2022 report.
Can BTC’s Price Reach $1M?
The 2022 BTC event in Miami is an annual event where the top players in the crypto space gather to discuss the future of the crypto industry. This 3-day event is being held at the Miami Beach convention center and will end today, having started on Wednesday. As of this writing, the event boasts 36K participants and nearly 8M live stream watchers globally.
Wood opined that BTC would remain valuable to intending investors as it is the first open-source system for financial transactions without the involvement of any third party. The Ark CEO made a similar statement when she co-hosted a recent event with Micheal Saylor (MicroStrategy CEO), saying, “BTC has made the most impression to investors out of all the digital assets and would remain the most valuable in the eyes of investors.” The event tagged ‘the future is bright’ is one of several crypto-related events used to create more awareness and adoption of digital assets.
Is BTC Still A Hedge Against Inflation?
Wood has often said that holding BTC is the best hedge against inflation. She didn’t mention that BTC’s value has dipped by over 28% in the last 12 months while inflation rates have spiked within that period.
However, Wood’s forecast would indicate a 25X increase for BTC investors compared to the 8% increase in CPI data when analyzed between February 2021 and 2022. Wood claimed that 65% of digital asset holders wouldn’t sell their holdings over the long term. Thus, indicating that only 7M BTC would be in circulating supply as the leading crypto’s supply is capped at 20M.
A Preview Of What’s To Come
The Ark CEO further remarked that BTC’s 10-fold rise in liquidity only shows the huge potential of this digital asset. One of Ark’s top crypto analysts, Yassine Elmandjra, remarked that “a proof that BTC’s fundamentals remain still ‘healthy’ was shown when its overall evaluation exceeded $1 trillion last year.”
The latest CoinMarketCap data shows that BTC’s overall evaluation is $835B. Elmandjra added that “it is only a matter of time before the value of BTC held by institutional investors become higher than that of individual investors as more authorities recognize and regulate the crypto space.” Time will tell whether Wood’s prediction will hold true.
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