Wow! Cathie Wood Believes Bitcoin Price Can Reach US$1 Million, When?

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Cathie Wood, CEO of Ark Invest, affirms the love for Bitcoin (BTC). He claims the price of Bitcoin in 2030 can reach US $ 1 million, equivalent to Rp. 15.5 billion.

BTC experienced a difficult bear market during 2022. In November 2021, Bitcoin managed to reach an all-time high of US$69 thousand, but has been steadily declining since that peak.

Entering 2022, BTC has experienced a series of dips in value.

First, BTC enters the US$40k price range. A few months later, the price of the biggest crypto asset fell to around US$30 thousand.

From that level, BTC continued to slump into the US$20k region before finally entering the US$15k price range it is currently experiencing.

Bitcoin Price Can Reach US$1 Million?

Bitcoin price ended 2022 and started 2023 at that price range. Bitcoin has a long way to go to recover value.

There have been a number of crypto-company crashes in 2022, partly due to criminal fraud. The FTX exchange, which was once the gold child of the crypto industry, was found to have used customer funds to make unauthorized purchases of officials of the exchange.

The fraud involved investors' funds worth billions of US dollars. The crypto community hopes that 2023 will hold positive momentum for Bitcoin as well as solutions for customer funds that are entangled in legal cases.

Cathie Wood says FTX incidents could lead institutional investors to abandon trading crypto assets. Nevertheless, Wood believes Bitcoin and other crypto assets will recover from all the negative things that happened by the end of 2022.

“It will take a long time, but there is a bright side to everything that has happened, which is that all the weak players have been eliminated and only the strong players have stayed to prop up the crypto sector with tough support,” said Wood, quoted from Live Bitcoin News.

Wood added, the crypto industry must go through tough tests and survive the crisis in order to find survivors who deserve to win.

The founder of investment firm ARK Invest said institutional investors could love BTC and crypto if they were willing to see the current situation properly and study it properly.

“If institutional investors really studied and analyzed recent events, I think they would be more comfortable buying Bitcoin as well as Ether because they understand it better,” said Wood.

Wood believes that in the long term Bitcoin will get stronger after the 2022 incident. Global inflation continues to increase and the macro economy looks weaker. That's why Wood sees BTC as an asset with the potential to become a champion.