As we approach the midpoint of 2023, Bitcoin is gradually gaining momentum and edging closer to its all-time high. The remarkable comeback of this cryptocurrency, particularly among those who held onto it during its rocky ride in 2022, is drawing attention from investors worldwide.
One standout voice in this conversation is Cathie Wood, the CEO and CIO of ARK Investment LLC. In her annual public Bitcoin forecast, she reaffirmed her bold prediction that the cryptocurrency will reach $1 million by the end of the decade.
Back in November 2022, Cathie spoke with Bloomberg about her optimistic outlook for the crypto market. She believes that for Bitcoin to recover fully, it must first endure some challenges and crisis. Her prediction has already proven prescient, with Bitcoin’s market value rising by approximately $7,000 since then.
Cathie Wood recently tweeted about important charts suggesting seller exhaustion and robust fundamentals.
In the world of investment and finance, big ideas often take time to catch on, but Cathie’s unwavering beliefs are founded on strong fundamentals. Recently, Ark Investment released a publication called “Big Ideas 2023” that sheds light on the building blocks of such bold predictions.
According to the report, institutional investors are still highly interested in the potential for real profits from blockchain investments. Companies like Fidelity, BNY Mellon, and BlackRock have already taken steps to get involved in the crypto market by creating custom investment plans.
The report also highlights that public blockchain is one of the five key innovation platforms shaping the current technological landscape, along with Artificial Intelligence, Robotics, Energy Storage, and Multiomic Sequencing.
The potential behind Bitcoin’s surge has been under scrutiny. According to Ark Invest, the compound annual returns for BTC have remained positive even after five downturns erased three-quarters of its value over the past 14 years.
The year under review also saw record-breaking hash rate activity, indicating an overall increase in blockchain security.
The report confirmed Bitcoin’s robustness, with a long-term holder supply index of 71.8% and close to 43.5 million non-zero-balance BTC accounts, even after its setback in 2022.
Cathie Wood, who holds bullish views on Bitcoin and $COIN, criticized FTX’s centralized and opaque operations. She contrasted it with Bitcoin’s decentralized and transparent functioning.
She stated, “Bitcoin is still the best insurance policy” for not just the wealthy looking to protect their assets from inflation but also for people in emerging markets with hyperinflation who need a backup option.
This week, at the height of market activity, Bitcoin saw a brief surge beyond $24,000 before settling back down.
Also Read: Polygon Experiences A Robust Start In 2023: What Contributes To Its Triumph?