The recent collapse of FTX has caused the global crypto market to experience increased selling pressure. Bitcoin (BTC), the world’s largest cryptocurrency by market cap is down 76 percent from its all-time high. However, renowned investing expert Cathie Wood remains bullish on the flagship crypto despite the nosedive.
In a Bloomberg Markets interview, the Ark Invest founder, CEO and CIO reaffirmed her Bitcoin price prediction of $1 million per coin by 2030.
Wood explained that sometimes the market has to experience a difficult time or crisis in order to sort out what is real. She also noted that it is just as important to see who survives these times and identify which aspects of the market infrastructure remain standing.
Wood further explained that Bitcoin has managed just fine in the past despite economic hardships. She stressed however, that if there is one thing that could put a stopper on future success of BTC is if institutional investors back out. According to Wood, they need to do their research and understand that crypto will move forward. Once these large financial interests realize this, they will be more likely, she said- to invest in Bitcoin or Ethereum (ETH) as the first stop.
Although the FTX collapse was concerning, Wood said she still trusts the crypto market. The self-made millionaire called FTX a fraud, but not to the same extent as other notable cases such as Lehman brothers or Bernie Madoff. In her opinion, crypto will continue to make strides forward.
As of press time, BTC is changing hands at $16,450, up about 2% intraday. The $316 billion market cap coin traded in a range of $16,070 – $16,611, indicating some volatility over the last 24 hours.
BTC’s market dominance remains above 38%.
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