The main attraction of the cryptocurrency market, bitcoin (BTC) is always subject to price forecasts made by various players in the industry. Some supporters of cryptocurrency have already declared that it could reach the seven-digit mark by 2030.
The founder and CEO of investment management company ARK Invest, Cathie Wood advanced this view a little earlier in the year. Despite the difficulties faced by bitcoin since then, the famous American investor reiterated the same extremely bullish prognosis.
An increase of more than 4,600% compared to the current price
Present at the Web Summit 2022, which is taking place in Portugal, together with other people from the crypto industry, Cathie Wood naturally talked about the news of the sector. In an interview with Tom Mackenzie for BloombergCEO of ARK Invest said on the bear market of bitcoin and shared his view.
Very optimistic about the future of bitcoin in his previous outings, Wood doesn’t seem worried about the current state of BTC, which has lost more than 70% of its value in a single year. Tom Mackenzie asked her if she was still stuck with her $1 million BTC price prediction, to which she replied in the affirmative.
“Oh yes. More than $1 million … by 2030.” At the current BTC price, bitcoin will need to achieve an impressive 4,600% rally by 2030, to confirm the prediction made by the CEO of ARK Invest.
Regarding the adoption of cryptocurrency by institutional investors, she declared that they will show increased interest in the crypto asset. “Institutions seem to be getting into it. They take this price drop from almost $70,000 to about $20,000 as an opportunity to get into a new asset class,” she said.
Also read: Weak Support of $20,000 Bitcoin, What Professional Traders Think?
Twitter could become a “super app like WeChat Pay” according to Elon Musk
Cathie Wood also spoke out about Elon Musk’s $44 billion takeover of Twitter, backed by a crypto firm like Binance. She talked about the new direction the crypto community’s main social network will take after this change of hands.
Also read: Crypto industry executives share their views on the future of Twitter
The CEO of ARK Invest is particularly hoping that Twitter will become a “super app like WeChat Pay”, referring to Elon Musk’s past in the payment industry, including PayPal. Cathie Wood, who is sure to be the second person for the job, has announced that her company is now privately involved in Twitter through a new fund.