Coin Stories: Cathie Wood on Investing Lessons, Spot Bitcoin ETF, $1 Million Bitcoin
Although 2022 was brutal for bitcoin, 2023 has seen a strong rally. First, the bank failures in the spring provided a boost for bitcoin. Today, investors are starting to speculate that the asset is moving more mainstream.
That’s because there are nearly a dozen financial companies looking to create a bitcoin ETF. That would allow investors to buy and sell bitcoin without the hassle of a cryptocurrency broker. It would simply be one more asset in a brokerage account.
The rising demand that such an ETF would create could lead to bitcoin moving higher. The crypto would likely finally break $100,000 on the news. And it’s even possible for a bigger move higher.
Cathie Wood, founder of Ark Investment Management, sees bitcoin potentially moving to $1 million each. That’s due to rising demand for bitcoin, as well as its finite supply.
Ark has been an early investor holding bitcoin directly. Wood sees bitcoin as being both a store of value, and a unit of account.
Plus, global monetary policy is subject to different theories. That relates to how much money to create, where to set interest rates, and political concerns. Bitcoin avoids the politics that has impacted monetary policy and led to waves of inflation over the years.
That makes bitcoin and bitcoin-related stocks worth a potential look here.