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ARK Invest CEO Cathie Wood reiterated her $1M price target for Bitcoin (BTC-USD), citing the cryptocurrency as a “great hedge against inflation,” she said at the Miami Bitcoin 2022 Conference Thursday.
Meanwhile, bitcoin (BTC-USD -0.5%) is edging lower to $43.3K in early morning trading, up nearly 3% M/M but off 9% YTD and -25% Y/Y.
“If inflation is an issue, Bitcoin is a great hedge against inflation…it is a hedge against counter-party risk,” said Wood. Note that headline consumer price inflation is surging to its highest in 40 years, driven by ongoing supply chain disruptions and geopolitical tensions.
While the price of Bitcoin (BTC-USD) tends to be volatile, Wood pointed to research indicating that 70% of BTC investors hold their position for more than six months, adding that its liquidity has jumped tenfold. “That’s just a taste of what’s to come,” she said.
With regards to institutional adoption of the world’s largest digital token by market cap, “it has improved, but it’s still a long way from being fully accepted,” Wood emphasized. “What we’re seeing with bitcoin and traditional institutional investors…is that (bitcoin) is very volatile, and that’s scary for investors. This would be very risky to get involved in, it’s a new asset class,” she added.
Speaking to U.S. Treasury Secretary Janet Yellen’s first major speech on digital assets Thursday, she “has changed her tune,” Wood said, adding that “it’s a positive thing. A year ago, her first comments on Bitcoin were about money laundering and environmental damage, and now it’s different.”
Furthermore, MicroStrategy (MSTR) CEO Michael Saylor, speaking alongside Wood, also highlighted that he’s more bullish than ever on Bitcoin (BTC-USD), saying “the momentum is clearly behind” it. Seeking Alpha Authors screened BTC with a Buy (2 Strong Buy, 6 Buy, 1 Hold, 1 Sell, 1 Strong Sell).
Take a look at SA contributor Bitfreedom Research’s three bullish signals for Bitcoin.
In mid-Sept. 2021, Cathie Wood repeated her $500K Bitcoin price target.
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