Cathie Wood repeated her positive view on bitcoin this week at the Bitcoin 2022 conference in Miami, Florida.
The Ark Invest chief executive forecasts the crypto will reach $1 million by 2030 in a presentation, Thursday.
โWe believe bitcoin has only just begun,โ she told CNBC. โInstitutions are only now catching up to individuals in terms of BTC adoption,โ she explained.
In recent weeks, BTC prices have fallen below $43,000 on many occasions and subsequently failed to make meaningful gains.
The worldโs top digital currency dropped to $42,534.90, down 8.1% in the last seven days, Coingecko data show, Saturday.
Wood relayed the high-level prognosis from her companyโs Big Ideas 2022 report during her Miami appearance. This contained the cryptocurrencyโs lofty price target.
The Vaunted Bitcoin Price Goal
โBitcoinโs price target for 2030 is greater than a million dollars per bitcoin,โ Wood stated.
Bitcoin 2022 Miami is the worldโs largest gathering of crypto intellectuals and entrepreneurs. It is being held from April 6 to 9 at the Miami Beach Convention Center and has already attracted more than 35,000 registrants and over 7 million livestream watchers from around the world.
According to Wood, bitcoin is the worldโs first open-source, private digital rules-based monetary system.
โItโs a pretty big notion,โ the investor stated during her โThe Future is Brightโ conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another major crypto proponent.
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BTC total market cap at $805.70 billion on the weekly chart | Source: TradingView.com
Hedge Vs. Inflation
Wood, 66, referred to the worldโs most valuable cryptocurrency as a โhedge strategy against inflation.โ
She omitted, however, to note that the digital asset has fallen 27% in value over the last year, while inflation has soared.
Consumer prices increased by about 8% in the 12 months to February of this year. Woodโs projection would imply a 25-fold gain in BTCโs recent price of $38,094.
Wood noted that 70% of crypto investors keep their positions for the long term, which equates to approximately 13.6 million units out of over 20 million units of the cryptocurrency.
The Best Is Yet To Come?
Additionally, she noted that bitcoin, with a market capitalization of $830 billion, has seen a tenfold increase in liquidity. โThat is only a preview of what is to come,โ she remarked.
While its market valuation surpassed the $1 trillion milestone in 2021, Arkโs analysis suggested that the cryptocurrencyโs network fundamentals โremained healthy,โ Ark analyst Yassine Elmandjra disclosed in a recent report.
Meanwhile, institutional investors are increasing their exposure to BTC, according to Elmandjra.
After the launch of more regulated instruments and adoption by enterprises and nation-states, Bitcoinโs institutional holder base appears to be expanding, she added.
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Featured image from Forbes, chart from TradingView.com
Bitcoinist @ Bitcoin 2022 Miami
