Ark Invest CEO Cathie Wood has projected a surge in Bitcoin adoption following negative macroeconomic conditions. This year, policy watchers tipped a positive swing in Bitcoin and gold prices as investors sought a hedge against global market inflation. BTC’s price stands at $65,877, up 5.81% in the last 24 hours as bulls tighten their grip on the asset class.
Cathie Wood Doubles Down on Bitcoin Prediction
In a recent interview, Cathie Wood noted positive developments for the crypto market. According to her, investors will naturally turn to Bitcoin as uncertainty and volatility grow in global economies. The crypto market leader is tipped as a haven and a store of value, with bulls driving the narrative over the years.
“… the more our (Ark Invest) confidence increases in Bitcoin. And one of the reasons is we’ve just been through an inflationary scare. We think it was very much supply chain driven and Bitcoin is a hedge against inflation.”
The trading expert reiterated market executives’ statements on the asset’s utility. This is due to many events ranging from the Argentine market issues to citizens turning to cryptocurrencies. On her previous $1 million target for the asset, Cathie Wood responded positively hinting at increased adoption.
In a CNBC interview, Wood projected that Bitcoin’s base case price would be $600,000, while the bull case for the asset could see its price spike to $1.5 million by 2030. The United States Securities and Exchange Commission (SEC) ‘s approval of spot ETFs led to an inflow of funds, opening up a new window for traditional investment.
Ark Invest Reshuffles Crypto Stocks
Several digital asset participants keenly followed Ark Invest trades and crypto stock holdings for the last couple of years. Crypto stocks are shares of companies whose values are affected by Bitcoin and other digital assets and blockchain developments.
Recently, Ark dumped $36 million worth of Robinhood stock, heating debates from the crypto community. The HOOD price is up 100% year-to-date (YTD) as Robinhood continues to record good results from its crypto investments. Ark Invest has also made changes to its Coinbase (COIN) holdings and other stocks. Overall, the crypto market has marked inflows over the past week, with bullish sentiment dominating the scene.
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