Ark Invest CEO Cathie Wood recently predicted that the price of Bitcoin would be able to surge to $1 million in spite of the ongoing crisis
recently TweetArch Invest CEO Cathy Wood has pointed to the fact that bitcoin “didn’t skip a beat” during the recent crisis, praising the leading cryptocurrency’s resilience.
She further argues that disgraced FTX founder Sam Bankman-Fried didn’t like Bitcoin due to the fact that it is “transparent” and “decentralized.” “He couldn’t control it,” the famous stock picker added.
Wood’s latest tweet comes in response to a monthly report Published by his investment management company, Arc Invest.
Ark Invest has noted that the supply held by long-term holders remains unchanged despite the FTX-induced market turmoil.
Last month, the number of active bitcoin owners also increased by more than 18%, the largest positive percentage change since the beginning of 2021. This confirms the notion that self-custody continues its upward trajectory. The “flight to self-custody” is also believed to be the cause of the largest monthly net outflow from centralized exchanges.
As reported by U.Today, Wood predicted that Bitcoin would hit $1 million by 2030 in late November. At the same time, she predicted that the FTX collapse would likely hinder institutional adoption. However, once institutions “do their homework,” they might end up being even more comfortable with Bitcoin, Wood says.
The world’s largest cryptocurrency is currently trading at $17,173 on the Bitstamp exchange.
The flagship cryptocurrency is down as much as 75.13% from its lifetime peak of $17,160.
