Cathie Wood Says Price of Bitcoin Will Go Through the Roof if People Lose Confidence in Monetary System
ARK Invest’s Cathie Wood says Bitcoin (BTC) is likely to explode in value if people’s confidence in the financial system continues to dwindle.
In a new YouTube update, Wood says that Bitcoin’s decentralized nature and scarce supply will attract capital looking for a superior store of value compared to what has historically been available to them.
“[Bitcoin is] playing the store of value role right now. And, if the global monetary systems right now, shall I say, lose the confidence of people generally, there will be a shift to more crypto from a store of value point of view, certainly.
What will happen then, is the price of Bitcoin remember there are only two million more to be minted the price of Bitcoin will go through the roof.”
The ARK Invest CEO also says that BTC’s recent rally amid a banking crisis and general economic uncertainty is proof that it is beginning to succeed at fulfilling the role of a store of value.
Bitcoin is a store of value and an investment. Limited to 21 million units, so right now the inflation rate is 1.8% per year, that’s how much is mined. In a couple of years that will be cut in half to less than 1% and it will keep getting cut in half until we reach that 21 million.
We’re at 19 million units right now. So, to watch [Bitcoin] go from $19,000 to [almost $29,000] in the span of a couple of weeks, is proof positive that people do believe that it is a store of value, that the developers, the coders, the programmers who have built in this mathematical metering are not going to change it.”
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This article was originally reported on The Daily Hodl.