At a time when?collapsed crypto exchange FTX's customers still don¡¯t know if they¡¯re going to get their money back or not and the crypto market is trying to recover from the horror year that 2022 was, one of cryptocurrency¡¯s biggest optimists still says Bitcoin is primed for a massive comeback.
US-based ARK Investment Management and its CEO, Cathie Wood, have?continued to buy crypto and shares of crypto companies?even during the sector¡¯s historic downturn over the past year. They are also betting on Bitcoin rising to new heights soon enough. All investors need is a little patience and faith.
Cathie Wood's company has forecasted Bitcoin to bounce back from its current lows to eventually be worth $1.48 million by 2030, a bullish scenario that would see Bitcoin¡¯s value rising by more than 6,300% in just seven years, as per a Fortune report.
Even as per the company's ¡°bear case¡± scenario, Bitcoin¡¯s value is expected to rise to a record $258,500 by 2030, and in the ¡°base case¡± scenario, Bitcoin will grow to be worth $682,800.
Also Read:?US Man Pays 10,000?Bitcoins?For Pizza
Bitcoin is currently trading at around $23,000, a far cry from its all-time high of nearly $70,000 achieved in November 2021. Those were good times for crypto bulls, when up to a quarter of holders were convinced that Bitcoin could exceed $100,000 in fewer than five years. Cathie Wood was exceptionally upbeat about Bitcoin¡¯s chances, even predicting in 2021 that it could hit $500,000 by 2026 if institutional investors and investment banks began piling in.
That was also peak crypto, as it turns out. As inflation rose last year and enthusiasm for speculative assets including cryptocurrencies dwindled, the Crypto Winter began and coins tumbled in value.
In the 12 months after its November 2021 peak, the crypto sector lost over $2 trillion in value, with Bitcoin in particular down around 60% since then. And the entire crypto industry was rocked in November when FTX, one of the world¡¯s largest crypto exchanges, collapsed and lost billions of dollars in customer funds.
Also Read:?5?Crypto?Firms That Filed For Bankruptcy Besides?FTX
But through it all, CEO Cathie Wood and her firm, ARK, have held onto their big Bitcoin?bet. Even?during the FTX implosion later last year, ARK research director Frank Downing said the firm¡¯s conviction in Bitcoin¡¯s underlying blockchain technology had "only increased" in the wake of the crash. In December, Wood tweeted that the Bitcoin blockchain "didn¡¯t skip a beat" during the FTX debacle, which she took to signify the coin¡¯s transparency and resilience during downtimes.??
Over the next 7 years, Cathie Wood's ARK expects bitcoin to become a ¡°multitrillion-dollar market¡± because of its strong fundamentals, according to the new report, as the firm expects the crypto asset to outperform ¡°every major asset class over longer time horizons.¡± The sector¡¯s recent difficulties may even help restore trust in Bitcoin in the long term as exchange companies become more transparent with their finances to avoid a similar fate that befell FTX, ARK argued.
Even institutional investors, including BlackRock and Fidelity, have not wavered on their commitment to Bitcoin despite the market downturn, the report also found, reinforcing the coin¡¯s fundamentals.??
Also Read:?Why Goldman Sachs Is On The Hunt To Invest Millions In?Crypto
For the latest and interesting financial news, keep reading Indiatimes Worth.?Click here.