Arslan Butt
Bitcoin is one of the most popular digital currencies today. It has seen a meteoric rise in value over the past few years, and now Cathie Wood, CEO of ARK Invest, believes that it could reach new all-time highs. On 2nd February, Cathie Wood of ARK Investment Management revealed that they had not anticipated the quick acceptance of Bitcoin by companies and governments.
Wood is confident that Bitcoin will experience significant growth in value within the next five years and estimated that its price could reach $670,000. This prediction has caused many investors to consider whether or not they should start buying Bitcoin now.
In this article, we will take a look at what factors are driving this prediction and whether or not it is wise to start investing in Bitcoin now.
Bitcoin Price to Soar to $670,000 in 5 Years
Cathie Wood, CEO, CIO, and founder of the American investment management firm Ark Invest, told Bloomberg Radio on February 2 that she and her team underestimated the acceptance of cryptocurrencies by businesses and governments. She claimed that her company has invested heavily in Bitcoin and that it will eventually soar to incredible heights.
: @CathieDWood calls #bitcoin an “insurance policy for everyone”
— Documenting ₿itcoin (@DocumentingBTC) February 4, 2023
Wood admitted that 2022 was a bad year for the cryptocurrency industry. However, according to her, the players who lost money were those who were centralized and opaque, such as the cryptocurrency exchange FTX. She described Bitcoin as a global, rules-based, and automated digital currency system.
Furthermore, Wood maintains her prediction that the value of Bitcoin will skyrocket in the coming years. She predicted that Bitcoin would cost around $670,000 in five years and could reach $1.48 million in 2030, representing a 6,326% increase from its current value.
‼️ CATHIE WOOD'S #BITCOIN PRICE TARGETS
– by 2030Bearish case: $258,500
Bullish case: $1.48 MillionMinimum ~11x in 7 years.
Maximum ~64xKeep stacking SATS…
— Bitcoin Archive (@BTC_Archive) February 1, 2023
According to Wood, high-net-worth individuals may benefit significantly from using Bitcoin to protect their wealth from “confiscation” due to inflation. She is also now admitting that she was mistaken about Bitcoin.
Wood is sticking to her Bitcoin prediction.
Cathie Wood’s ARK Investment Management, which has continued to acquire crypto and shares of crypto firms despite the sector’s dramatic fall over the last year, believes Bitcoin will reach new highs soon.
According to Cathie, more businesses will include Bitcoin on their balance sheets, with Tesla, Block (formerly Square), and MicroStrategy as the leading examples. As a result, they significantly scaled-down that one. She believes that investors only need a little perseverance and trust.
JUST IN – Cathie Wood's Ark Invest reaffirms $1 million #Bitcoin prediction:
"Bitcoin will scale into a multi-trillion dollar market" pic.twitter.com/y95wbZ9fhJ
— Bitcoin Magazine (@BitcoinMagazine) February 1, 2023
Unsurprisingly, companies that held Bitcoin suffered last year. For instance, in a regulatory filing, Tesla stated that it recorded a $204 million impairment loss on its Bitcoin assets in 2022. The company dumped 75% of its crypto assets last year when the price fell. Meanwhile, few nations were interested in following El Salvador’s path, which became the first country to join Bitcoin as legal cash in 2021.
However, Cathie Wood and ARK have stayed with their significant Bitcoin bet. The firm’s belief in Bitcoin’s core blockchain technology has only increased, according to ARK research director Frank Downing, even after the disastrous FTX meltdown.
Wood noted in a tweet from December that the FTX tragedy “didn’t skip a beat” for the Bitcoin network, which she considered a testament to the coin’s transparency and resiliency under pressure. Moreover, her recent statements show that she is sure that Bitcoin’s value will skyrocket in the next years.
Bitcoin Price Prediction
Presently, Bitcoin’s market price is $23,293. Over the last 24 hours, it has decreased by 0.50%. The 24-hour trading volume of this cryptocurrency is $15 billion and its current CoinMarketCap ranking is 1. Its live market capitalization stands at $449 billion.
On the technical front, Bitcoin has broken through a strong support level of $23,250, which was established by an upward trendline.
Bitcoin Price Chart – Source: Tradingview
The breakout below this level has the potential to lead the BTC price further lower toward the $22,778 level. An increase in selling pressure could trigger another round of selling in Bitcoin price, taking it as low as $22,400. On the upside, a $23,400 level is likely to act as an immediate resistance, and a bullish breakout above this level could push BTC prices towards $23,850 or $24,500 levels.
Get Ready For These 3 Cryptocurrency Presales In February 2023 – They Could Be Huge!
MEMAG, FGHT, and CCHG are at the forefront of the cryptocurrency world, providing innovative solutions and profitable investment opportunities.
Meta Masters Guild (MEMAG)
Meta Masters Guild is an exciting web 3.0 gaming platform that allows you to earn real money by playing innovative, fun games. It features NFTs (non-fungible tokens) as rewards which can be linked with digital wallets, and you also get in-app currency called ‘Gems.’ These Gems can then be exchanged for $MEMAG (the platform’s own currency). MEMAG has been collaborating with some of the most renowned game developers to further its impact in the gaming world and increase its visibility.
The total number of MEMAG tokens that can ever be in circulation is 1 Billion. Out of this, 35% will be allocated for presale exclusively. Mobile gaming giant MMG is set to launch three highly anticipated games: “Meta Kart Racers”, “NFT Raid” and another title soon. They have already experienced success in the market, having raised $2.9 million dollars across their first presales.
The current pre-sale price for $MEMAG tokens is $0.016 USDT and it’s a great opportunity to gain access to them before the price rises. Act fast before it’s too late!
Fight Out (FGHT)
Fight Out has revolutionized the fitness industry by introducing the revolutionary Move-to-Earn (M2E) concept. This revolutionary concept rewards people with cryptocurrency for engaging in various exercise activities. This project offers tailored fitness regimens, virtual sessions with experienced trainers as well as an immersive virtual world populated by avatars. You can explore the environment and compete for different rewards.
To gain access to Fight Out’s gyms and other working spaces, you can purchase their native token: FGHT. Investing your FGHT tokens allows you to subscribe to the app, with more tokens invested resulting in greater access.
As a reward for completing exercises and contributing to the community, Fight Out gives out REPS tokens. A few renowned athletes and coaches have partnered with them to promote the new idea of ‘move-to-earn’ and make blockchain more accessible in this sector.
C+ Charge (CCHG)
C+Charge, or CCHG, is a cryptocurrency in the United States that aims to revolutionize the charging experience for electric vehicles (EVs). This eco-friendly cryptocurrency operates on a full peer-to-peer (P2P) payment system, allowing EV drivers to pay for their expenses with CCHG tokens saved in the crypto wallet of the C+Charge mobile app.
The network raises environmental awareness by offering NFT-based carbon credits to its users. The initial launch of CEX is scheduled for March 2023, which will result in a significant increase in token value due to increased user involvement.
With a current trading price of $0.013 and a hard cap of $6.7 million, CCHG is one of the top cryptocurrencies to invest in February 2023.
Related news
- Bitcoin Price Prediction as BTC Fails to Hold $23,500 – Here’s Where BTC is Headed Next
- Bitcoin Price Prediction as $35 Billion Trading Volume Comes In – Can BTC Hit a New All-Time High in 2023?
- Bitcoin Price Prediction as Fed Interest Rate Decision is Revealed – New Bull Market Starting?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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