Cathie Wood of Ark Invest believes that by owning Coinbase stock, her new portfolio is enough to knock the Nasdaq into oblivion. She clearly feels Coinbase is going to take the world by storm alongside the likes of bitcoin, Ethereum, and other major forms of crypto.
Cathie Wood Thinks BTC and Coinbase Stock Will Shine
Wood is particularly pleased with bitcoin’s prospects as of late and stated in a recent interview that she thinks bitcoin could reach a price of more than $1 million by the time 2030 comes around. In a recent report, her firm Ark Invest published a report that said the following:
Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, bitcoin has not skipped a beat. Its network fundamentals have strengthened, and its holder base has become more long-term focused.
The asset – while still having plenty of room to heal – has already shown that it’s working towards a higher goal in 2023 given that the currency has jumped up by more than $7,000 in recent weeks. This wouldn’t be all that great under normal circumstances, though the fact remains that 2022 was easily the worst year for bitcoin on record, and thus that $7,000 may as well be seven million in the eyes of certain analysts and traders.
During 2022, the price of bitcoin fell from an all-time high of about $68,000 per unit into the mid-$16K range. This is equivalent to a loss of more than 70 percent. However, things didn’t quite stop there as many other forms of crypto followed in bitcoin’s footsteps and ultimately brought the valuation of the industry down from $3 trillion to less than $1 trillion.
Pushing the Fed North?
Now, bitcoin is trading for around $23K, meaning the currency has risen by about $7K since the end of last year, and the crypto space is once again valued at more than $1 trillion. Wood went further with her positive BTC sentiment to say that she feels the crypto market is pushing the Fed in a more bullish direction. She said:
We think the market is leading the Fed. The bond market is basically saying the Fed is close to the end of this tightening move and is also saying that inflation will surprise on the low side of expectations, which means when we look back, the past two years inflation issue and interest rate issue has been a function of massive supply shocks to the system.
Wood is not the only one who thinks BTC is going to be traveling north over the next several months. Other analysts – such as Tim Draper – have gone so far as to say that bitcoin will reach a price of $250K by the time 2023 is ready to end, though this needs to be taken with a grain of salt given the size of the spike that would need to occur.
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