ARK Invest CEO Cathie Wood is doubling down on her prediction that king crypto Bitcoin (BTC) will hit seven figures.
Wood says in a new Bloomberg interview that she remains confident that her $1 million target for Bitcoin will be realized.
According to Wood, the prevailing global economic environment is raising her confidence in the flagship crypto asset.
“The more uncertainty and volatility there is in the global economies, the more our confidence increases in Bitcoin.
And one of the reasons is we’ve just been through an inflationary scare. We think it was very much supply-chain driven and Bitcoin was/is a hedge against inflation.”
The ARK Invest CEO says that a deflationary macroeconomic environment is looming and Bitcoin will have another purpose beyond acting as a buffer against inflation.
“We also believe now that the bigger risk is deflation, not inflation. And why would Bitcoin do well in that circumstance? It would do well because it’s an antidote to counterparty risk in the traditional financial system.
On the Bitcoin blockchain, everything is transparent and maybe pseudo-anonymous. But we can see all the transactions, all of the activity, and therefore, we have a much better understanding of how little counterparty risk there is in the blockchain world.”
Bitcoin is trading at $26,678 at time of writing.
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