The CEO of ARK Invest predicts that the bitcoin exchange rate could reach $1.5 million in just seven years.
Catherine Wood shared an optimistic forecast for the development of the crypto market. She suggested that bitcoin will show a bull rally – and in about seven years will be trading at $1.5 million per coin, or at least $625 000. This will be due to the fallout from the March turmoil in the US banking system when Silvergate Bank, Signature Bank and Silicon Valley collapsed Silvergate Bank.
The banking crisis has strengthened bitcoin’s long-term prospects, according to Wood. Amid the collapse of three U.S. banks and falling stocks bitcoin rose from $19,000 to $30 000. The rise suggests that investors have started putting money into BTC in search of a safe harbor that everyone will eventually want to go to.
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“Bitcoin is an insurance policy. With bitcoin, there won’t be an economic crisis like the one in 2008-2009. Everything is decentralized and transparent,” Wood stated.
The head of ARK Invest believes bitcoin insures against both direct confiscation of wealth, where assets are forcibly taken from a person, and indirect confiscation, which refers to inflation – the depreciation of a nation’s currency. That won’t threaten bitcoin, as its supply is programmatically limited to 21 million coins, Wood noted.
Earlier, the CEO of ARK Invest called bitcoin the best way to preserve savings and protect against devaluation of government currencies in developing countries.