Cathie Wood is the CEO of Ark Invest, and a big fan of disruptive tech. She seems to love any investment that throws a spanner in the works, and when it comes to Bitcoin price, she is standing by her claim of last year that it is going to the moon. While her Bitcoin price prediction of last year raised eyebrows, not everyone is on board.
Last year, Wood said that Bitcoin would have a price tag of $US1 million by the end of the decade. And today, she remains as convinced as ever.
Earlier this morning, analyst at Ark Invest Yassine Elmandjra said that the one-million-dollar price prediction was still on track.
Elmandjra is standing firm on Ark’s Bitcoin position, despite the crypto world suffering through a market downturn in 2022.
In 2022, the US’s Federal Reserve took steps to aggressively tighten monetary policy. This caused a flight of investors away from riskier assets such as cryptocurrency, as well as a massive sell-off of Bitcoin by coin holders and miners. However, Ark invest is taking the position that things are more promising than what it would seem.
Who is Cathie Wood?
Cathie Wood is widely known for her expertise in investing in emerging technologies such as blockchain and robotics. She founded ARK Investment Management in 2014, after having 35 years of experience in the financial services industry. The firm has also gained attention for its focus on cutting-edge technologies like electric vehicles and AI.
The firm has a reputation for its strong performance, which has helped it attract a large following of individual and institutional investors. But 2022 was not a stellar year for Ark, as the crypto winter hit.
However, despite the market downturn, Ark Invest maintain that Bitcoin holds promise for the future. While this is all very positive for people who are buying the Bitcoin dip now, not every famous investor is a fan.
Bitcoin Non-Believers
Nassim Taleb, the renowned author of “The Black Swan” and advisor at Universa Investments, has warned that the era of easy money for investors is over.
Taleb takes a dim view of Bitcoin, saying that it has failed as a hedge against inflation. He also believes that it is favoured by teenagers who understand computing but not finance.
Goldman Sachs and their Bitcoin Price Prediction
It isn’t just Ark Invest who are standing their ground. Goldman Sachs is one of the largest and most well-known investment banks in the world. They also think that Bitcoin is worth betting on.
According to their report, Bitcoin so far is the best-performing asset of 2023. It has surpassed some of the largest assets in the financial sector such as S&P 500, gold, real estate, and even the Nasdaq 100.
Warren Buffett is still a hard no
Warren Buffett is a famous American investor, and overlord of Berkshire Hathaway. He is widely regarded as one of the most successful investors in the world. However, he remains steadfast in his aversion to cryptocurrency. He said that digital assets like Bitcoin are not productive and lack a tangible output, and he would not invest in them.
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. We could make Berkshire coins… but there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”
Here is an idea, Mr Buffet. Bitcoin offers freedom from governments for the average citizen, if that government proves to be tyrannical. Just ask the youth in Nigeria, who are getting around their corrupt government using ‘digital gold.’
While the future price of Bitcoin is uncertain, what is very certain is that 2023 is going to be an interesting year in crypto!
