When it comes to Bitcoin price predictions, there are no limits. Over the years, the world’s foremost cryptocurrency has proven that it has what it takes to dominate the cryptocurrency industry and it is not going anywhere any time soon. During the ongoing Bitcoin 2022 conference in Miami, Cathie Wood, the founder of Ark Invest made a Bitcoin price prediction of $1 million per BTC by 2030.
Cathie Wood has always been bullish on Bitcoin, even during extended bearish markets. During a presentation at the 2022 Bitcoin conference on Thursday, Wood said that Bitcoin offers a unique kind of value that traditional currencies lack. In her words:
“Bitcoin is the world’s first open-source monetary system that is decentralized, rules-based, and private. All over the world, inflation is an issue but Bitcoin hedges against inflation and counterparty risk.”
While the call for Bitcoin to cross the $1 million mark might seem unrealistic, Wood noted that over 70% of all BTC investors are holding it long-term. This is in line with the latest Bitcoin research which states that over 13.5 million units of Bitcoin are being held for long-term positions out of the total of 19 million units in circulation. According to Woods, this means that the majority of investors are bullish on Bitcoin.
Wood also noted that Bitcoin currently has a market capitalization of $828,534,838,098.10 and continues to dominate the rest of the cryptocurrency market despite the daily creation of new cryptocurrencies.
In her words: ” Bitcoin has seen a tenfold increase in liquidity and this is just a taste of what is to come in the future.”
While Wood is bullish on her long-term Bitcoin price prediction, she is also realistic. She admitted that the price of the cryptocurrency is incredibly volatile and this volatility has been a hindrance to institutional investment in Bitcoin.
“Institutional adoption of Bitcoin has improved over the years but there is still a long way to go before Bitcoin is fully accepted by institutions globally. Traditional institutional investors like banks and other legacy institutions are not yet ready to trust Bitcoin because of its high volatility.“
Wood concluded by stating that a peak in institutional investment will be the primary variable that drives the price of Bitcoin above the $1 million mark by 2030. She noted that regulators and traditional financial institutions are now changing their opinion of Bitcoin. They are no longer associating Bitcoin with illegal activities like money laundering, bribery, and tax evasion.
At the time of writing, the price of Bitcoin BTC was $43,476.28 against the USD. It was 0.07% lower within 24 hours with a trading volume of $24,707,081,696.62. It is still the leading cryptocurrency in the market with a 41.04% market dominance. BTC is followed directly by Ethereum ETH, Tether USDT, and BNB.