One of most reassuring predictions about Bitcoin is still on, according to analyst
Arch Investment Management analyst Yasin Elmandjara, who previously predicted $1 million in bitcoin, is not holding back despite the problematic conditions in the cryptocurrency market.
The massive correction of the digital assets market is not a problem for the innovation-themed ETF that has always been pro-crypto, according to its creator, Cathie Wood. The tight monetary policy by the Federal Reserve is the main reason why investors have been actively selling their digital assets through 2022.
Ark’s crypto analyst Elmandjra told Bloomberg that despite the anemic price performance recently, there is still a huge opportunity to be found in digital gold. The $1 million prediction continues, as he believes the market is likely to recover by the end of the tightening monetary policy cycle, and we will go through another bull run in the middle of this decade.
Elmandjra believes that the market might see a 28-trillion-dollar opportunity if we stack every use case on top of another, which translates to more than a million dollars per Bitcoin. While the forecast may sound far too optimistic, some prominent Bitcoin influencers like Michael Saylor tend to support such an analysis.
Unfortunately, things don’t look so bright for Kathy Wood’s fund because most arc ETFs lose all the value gained during bullish financial markets. Recently, Woods also issued an open letter in which he asked the Fed to stop the rate hike cycle as it badly affects the stock market and could cause irreversible effects.
Most users welcomed the letter poorly, highlighting Wood’s bias and lack of objectivity in this matter.
