• Cathie Wood of Ark Invest believes that investing in Coinbase stock can help to knock the Nasdaq into oblivion.
• Wood is particularly optimistic about bitcoin’s future, believing it could reach $1 million by 2030.
• She also thinks the crypto market is pushing the Federal Reserve in a more bullish direction.
Cathie Wood Believes in BTC and Coinbase’s Stock
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. 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.
Bitcoin Strengthening Despite Turbulent Year
In a recent report, her firm Ark Invest published a report that said 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 – equivalent to a loss of more than 70 percent – while other forms brought down industry valuation from $3 trillion to less than $1 trillion.
Price Bounce Back
Currently trading at around $23K per unit – which means it’s risen by about $7K since end last year – and with industry valuations now back over 1 trillion dollars again; Bitcoin appears to be on its way back up again after its difficult period during 2022.
Wood Sees Crypto Moving Fed North
Wood went further with her positive BTC sentiment to say that she feels crypto market is pushing Federal Reserve Banks into taking on even more bullish positions when setting interest rates etc; “We think the market is leading the Fed” Woods said “The bond market is basically saying the Fed is close to end this tightening move” paving way for potentially reduced borrowing costs across entire US economy due largely in part due influence crypto markets are having federal policymakers right now according Woods‘ statements anyway!
Conclusion
It would seem Cathie Woods‘ positive attitude towards both BTC & Coinbase stock shows no sign abating anytime soon; despite turbulent times during 2021/2022 periods both Bitcoin & wider cryptocurrency markets have bounced back strongly so far this year alone! As such optimism surrounding their future looks set continue climb over coming weeks/months ahead too!
