Crypto Whales Believe These Altcoins Will Take the Crypto World by Storm – Find Out Why
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Cathie Wood and her firm, Ark Invest, are making the news with their latest cryptocurrency forecast. According to a recent report, they expect bitcoin to reach a staggering $1.5 million by 2030, a massive 6,326% surge from its current price of $23,031. This is interesting, considering Wood and Ark Invest are some of the biggest crypto whales around.
Despite the crypto market‘s recent challenges, including a 65% drop from its peak, the report cites continued institutional adoption, higher hash rates, and a shift towards long-term holders as driving factors.
Undeterred by market volatility, Ark continues to expand its crypto holdings through investments such as Coinbase shares.
“Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency,” the report said. “Its network fundamentals have strengthened and its holder base has become more long-term focused.”
Wood has also previously noted that she believes Bitcoin will weather the storm caused by the collapse of FTX and be stronger for it.
The Potential for a Continued Crypto Bull Market
The recent rise of institutional investment could indeed pave the way for further growth in Bitcoin and the broader cryptocurrency market. This is evident with major financial institutions such as JPMorgan and Fidelity offering cryptocurrency-related services, a clear indication that traditional finance is starting to embrace digital currency investments.
A recent study by PwC conducted in June 2022 supports this trend, with close to one-third of the 89 hedge funds surveyed reporting investment in digital currencies such as Bitcoin.
The potential of blockchain technology extends beyond cryptocurrency as well, and can disrupt numerous industries, from gaming to intellectual property protection, offering ample investment opportunities both in its technological advancements and related cryptocurrencies.