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.
Bitcoin has revolutionized the way we think about money and how we invest it. Kevin O’ Leary himself thinks Bitcoin will beat the S&P500, which earns on average 7-10% annually by an additional 4%.
I frequently get asked what I think about Bitcoin. In all honesty this could be a great place to park some of your money for the remaining of the decade. And I’ll explain why later but first lets go over how to invest in Bitcoin.
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Is Bitcoin the future?
Let’s face it, anything digital is the future.
The way I look at Bitcoin is that it is gold in digital form.
Why?
Because there’s a limited amount of it and there’s a huge demand for it.
I don’t necessarily view Bitcoin as a means of currency to be used for transacting in the markets.
Bitcoin to me is a means of multiplying your money like any other investment.
The difference with Bitcoin however is that nothing has quite grown like it.
This is what makes this investment, or trade so attractive.
Will Bitcoin go back up?
BTC is showing major signs of a recovery.
Investors should not worry about the selloffs that recently took place.
Hedge funds and other institutions shorting companies at the moment are in hot waters and are in desperate need of capital.
View this market dip as an opportunity to buy at a discount.
The crypto market is undergoing a correction and will reach new levels growth with each passing day.
BTC is recovering quite well.
All the markets are volatile at the moment, long-term investing takes time.
Where can I buy Bitcoin?
Alright community, this is why you’re here.
Before you begin your very first investment in BTC you’ll need to open a brokerage account with a cryptocurrency investment platform.
Crypto is collapsing and it’s been a very tough year for cryptocurrency holders as exchanges face the possibility of bankruptcy.
BlockFi is preparing for potential bankruptcy after halting withdrawals of customer deposits and acknowledging it has significant exposure to the now bankrupt exchange FTX, per the WSJ.
BlockFi paused withdrawals and limited activity on its platform last week, saying it couldn’t operate business as usual given the uncertainty surrounding FTX.
The exchange is now planning to lay off workers as the troubled firm prepares for a possible chapter 11 bankruptcy, said people familiar with the matter.
The Coinbase Pro cryptocurrency platform is also shutting down for good, per NerdWallet.
And a Hong Kong-based AAX crypto exchange is suspending all of its operations, per Watcher. Guru.
Crypto has had its ups and downs, but what’s occurring today seems like it’s going to have a longer effect on investors.
Should investors take their money out of crypto now?
Bitcoin had fallen below $16K and is now trading just below $17K.
Now venture capitalists who invested in FTX are considering suing Sam Bankman-Fried for alleged fraud.
Confidence in the crypto space has fallen amidst the collapse of these exchanges.
The worst part is the number of investors who have been caught up in this mess.
According to the Washington Examiner, celebrities such as Tom Brady have lost most if not all of their investment in FTX.
Other athletes include Stephen Curry who had also signed previous agreements with FTX to promote the company.
Now Bitcoin Magazine and Unusual Whales are saying to get your money out of Bitcoin and crypto exchanges, signaling that matters could get worse before they get better.
The current crypto crash we’re seeing today has been the result of centralized financial errors, according to CoinDesk.
“The meltdown of Sam Bankman-Fried’s crypto trading empire could not, and would not, have happened to a decentralized and transparent protocol”, says the Amanda Cassatt.
JP Morgan has also identified centralized players as the root cause of recent crypto collapses.
Will cryptocurrencies go back up?
With time and with investor confidence, the crypto market will eventually recuperate.
Should investors take their money out today?
This is going to depend on the individual’s need for liquidity.
With an economy that is currently fighting inflation, and unemployment rates rising, having capital at hand might just prove to be useful as today’s uncertainty only becomes more uncertain.
But I’d love to hear your thoughts on this.
Let’s start a discussion, leave your thoughts below.