The global crypto market has come under significant selling pressure following the recent collapse of FTX. Year-to-date, Bitcoin, the largest cryptocurrency, has plummeted by an overwhelming 65%. Despite this, Cathie Wood, founder of Ark Invest, remains optimistic about Bitcoin’s price forecast despite the constant crashes.
Could Bitcoin’s price reach $1 million?
During an interview with Bloomberg Markets, Cathie Wood clarified her perspective on Bitcoin’s price forecast, stating that she will remain steadfast in her prediction that Bitcoin will reach a value of $1 million per coin by 2030. According to Wood, the market occasionally needs to undergo a strenuous test and a crisis to uncover the truth.
However, it is vital to see which entity survives after such an event. It is important to scrutinize the market’s infrastructure to determine this. She emphasized that Bitcoin has overcome these challenges, and believes that one factor that could impede this progress is institutional investors pulling back. They need to ensure that they have a solid understanding of the cryptocurrency market. Once these institutional investors take the time to evaluate and understand what happened, they will be more confident in exploring Bitcoin and Ethereum as their primary investments.
Will the crypto market recover?
Despite the FTX collapse, Cathie Wood maintains her faith in the crypto market’s future. She referred to FTX as a fraudulent entity but not on the same level as Lehman Brothers or Bernie Madoff. She anticipates that the crypto market will continue to move forward.
The current Bitcoin price has increased by over 5% in the past 24 hours. At press time, BTC is trading at an average price of $16,525, with its 24-hour trading volume standing at $33.1 billion.
In conclusion, the recent collapse of FTX has caused a significant decline in the global crypto market, with Bitcoin dropping by 65% year-to-date. However, Cathie Wood, founder of Ark Invest, remains optimistic about Bitcoin’s price forecast and believes it could reach $1 million per coin by 2030. Wood acknowledges the importance of institutional investors understanding the cryptocurrency market before investing in it. Despite the FTX collapse, she maintains her faith in the crypto market’s future and anticipates it will continue to move forward. As of now, Bitcoin’s price has increased by over 5% in the past 24 hours, with its 24-hour trading volume standing at $33.1 billion.
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