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Cathie Wood forecasts that Bitcoin will be worth $1 million.

  • Despite bitcoin's slide, Ark Invest founder, CEO, and CIO Cathie Wood is hopeful about its price.

  • Due to FTX's collapse, the global cryptocurrency market is under selling pressure. Bitcoin, the largest cryptocurrency, has lost 65% this year.

24 Nov 2022 By : COIN GABBAR
Cathie Wood forecast

Cathie Wood, the founder, CEO, and CIO of Ark Invest, is still optimistic about the price prediction for bitcoin despite its ongoing decline.

Due to FTX's recent drop, there is further selling pressure on the worldwide cryptocurrency market. The price of Bitcoin, the biggest cryptocurrency in the world, has dropped significantly by 65% so far this year. The founder of Ark Invest, Cathie Wood, is still optimistic about the price estimate for bitcoin despite its ongoing decline.

Bitcoin to reach $1 million in price?

Cathie Wood clarified her viewpoint on forecasting the price of bitcoin in an interview. Wood argued that She would stick to her prediction that the price of a single Bitcoin would reach $1 million by 2030.

According to Cathie Wood, the market occasionally needs to go through a crisis or a battle test in order to determine what is true. It's crucial to observe the survivor in the aftermath, though. Infrastructure in the market has to be examined.

She emphasised how Bitcoin was able to overcome these obstacles. In the meanwhile, Wood thinks institutional investors pulling back is one factor that might postpone this. They must genuinely believe that they get this.

These institutional investors will feel more at ease after they get some downtime to themselves, do their study, and analyse what transpired here. Then, as a starting point, people can investigate Bitcoin and Ethereum.

Will the crypto market rebound?

Cathie Wood went on to say that despite the FTX crash, she still has faith in the cryptocurrency market. But she distinguished FTX from the Lehman brothers or Bernie Madoff as a hoax. She anticipates that cryptocurrency will advance further.

In the previous day, the price of bitcoin increased by more than 5%. At the time of publication, the average price of BTC is $16,351. The total value of its 24-hour trade is at $37.6 billion.

The largest publicly traded Bitcoin mining company in the US, Core Scientific Inc., revealed a $1.7 billion loss, according to CoinGabbar. Mining profits have reached an all-time low as a result of low Bitcoin pricing.