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Cathie Wood Predicts BTC to Reach $1 Million: Is it Possible?

• ARK Invest CEO Cathie Wood predicts that Bitcoin (BTC) will reach a price of $1 million.
• She believes the prevailing economic environment provides a favorable outlook for Bitcoin, as it is both a hedge against inflation and an antidote to counterparty risk in the traditional financial system.
• At time of writing, Bitcoin is trading at $26,678.

ARK Invest CEO Predicts BTC to Reach Seven Figures

ARk Invest CEO Cathie Wood has recently expressed her confidence that king crypto Bitcoin (BTC) will hit seven figures. In an interview with Bloomberg, Wood indicated that the current global economic environment increases her optimism about Bitcoin reaching her target of $1 million per coin.

Bitcoin as a Hedge Against Inflation

Wood highlighted that due to an inflationary scare, Bitcoin can be seen as a hedge against inflation. She added that she also believes deflation may become more prevalent than inflation and argued that this would benefit cryptocurrencies such as Bitcoin since they have little counterparty risks associated with them.

Current Price Level

At time of writing, Bitcoin is trading at $26,678 according to data from CoinMarketCap. This marks an increase of over 3,500% from its previous all-time-high price level set in late 2017.

Disclaimer

The Daily Hodl does not provide investment advice and investors should do their own research before making any high-risk investments in cryptocurrencies or digital assets such as Bitcoin. Investors should be aware that their transfers and trades are at their own risk and any losses incurred are their responsibility.

Conclusion

Despite the uncertainty in today’s global economy, ARK Invest CEO Cathie Wood remains confident in her prediction for king crypto Bitcoin (BTC) to hit seven figures – namely $1 million per coin – which would represent an increase of over 3,500% from its current price level ($26,678). However potential investors should bear in mind the inherent risks involved when investing in cryptocurrencies or digital assets such as BTC and conduct thorough research before doing so.