Ark Investment’s Cathie Wood says Bitcoin ($BTC) will hit $1 million by the year 2030.
Cryptocurrency had a rocky 2022 but Cathie Wood say it was primarily due to centralized institutions.
“Last year was a terrible year for everything crypto, but if you think about what happened, it was the centralized opaque players who went bankrupt. FTX, Celsius, 3-Hours Capital, and what did we see from Bitcoin? Bitcoin is completely decentralized and transparent. It started because of 08′-09′, the lack of transparency in the traditional financial services ecosystem.
“This is a rules based digital monetary system and its global. And there’s no human intervention. It’s very disciplined, it’s mathematically metered to top out at 21 million units.”
“We’re seeing riots and protests all over the place. Where do these people go for an insurance policy against an implosion in their purchasing power and wealth. It is in something like Bitcoin. Bitcoin is an insurance policy,” said Cathie Wood.
Related: How to Invest in Bitcoin Cryptocurrency for Beginners
How Much Was Bitcoin Worth in The Beginning?
Bitcoin price started trading at approximately $0.08 per coin back in July of 2010 but was worth even less during inception.
CNBC asked Chamath, an early Facebook investor and venture capitalist, how high he thinks Bitcoin will continue to soar.
“Where is it going? It’s probably going to 100, then 150, then 200 thousand”.
Chamath was one of the first people to invest in Bitcoin a decade ago.
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