Bitcoin

The main cryptocurrency that could rise 5,700%, according to Cathie Wood. Is it a purchase?

Published

8 months ago

19 May, 2024

The main cryptocurrency that could rise 5,700%, according to Cathie Wood. Is it a purchase?

The average investor likes to turn to the professionals when it comes to finding potentially profitable investment ideas. Given his position as an expert in the field of disruptive and innovative business, it makes sense why Katie Wood is closely watched.

Wood and his company, Ark Invest, are incredibly bullish on one of the top cryptocurrencies that they believe could soar to $3.8 million by 2030. This is a truly lofty goal that would catch anyone’s attention.

But does this mean the digital asset is an obvious buy?

Very high expectations

In January of this year, Cathie Wood set a 2030 price target for Bitcoin (Bitcoin -0.07%) of US$1.5 million. Based on this leading digital asset’s price of $44,000 in early 2023, this would imply a whopping 34x gain over the next seven years. This perspective was provided shortly after the long-awaited approval of the Bitcoin Spot Exchange Traded Funds (ETFs).

More recently in March, Wood raised his price target, now saying that if institutions allocated 5% or more of their portfolios to Bitcoin, the price could rise to $3.8 million per coin. At that level, the asset would have a monstrous market capitalization of $75 trillion, making it about three times more valuable than US GDP.

And this implies that Bitcoin could rise almost 58 times over the next seven years from its price on May 16, translating into an annualized gain of 79%. This would, without a doubt, probably outperform all existing assets.

In addition to ETF approvals, Ark Invest points to the recent halving as a key catalyst that could drive the price higher over the next 12 to 18 months, as has happened in previous cycles. More clarity from regulators could also help drive institutional adoption.

Wood highlights how Bitcoin can help diversify one’s portfolio. And it’s hard to dispute Bitcoin’s track record, which has grown 800% in the last five years alone, of significantly increasing one’s purchasing power.

Should you buy Bitcoin?

Cathie Wood and Ark Invest are known for making bizarre projections that make you scratch your head and wonder how likely these outcomes are. I view Bitcoin’s $3.8 million price target the same way. In my opinion, it could just be a marketing ploy to raise more assets for his company’s Bitcoin ETF product. This means that investors should temper their expectations.

But to be clear, just because Bitcoin probably won’t rise 79% a year between now and 2030 doesn’t mean investors should write it off completely. I believe that this cryptography should still be on the radar of all investors, especially those with a long-term horizon. If you are someone close to you or retired, it might be best to stay away.

This is an asset that investors should only buy if they plan to own it for at least the next five to 10 years. It can take a long time for things to happen blockchain technology as well as regulatory developments. And the vast majority of capital out there is nowhere near wanting to own Bitcoin, as stocks, bonds and real estate still reign supreme.

Investors must also be prepared, both financially and psychologically, for the extreme volatility that is sure to occur. Bitcoin has suffered several drawdowns in the past of more than 50%. This just means that you should only invest so much money that results in you not losing sleep at night when considerable price swings occur.

Expecting Bitcoin to reach $3.8 million per coin seems like a pipe dream. Regardless, this cutting-edge crypto can still serve as a very successful investment over time.

Neil Patel and its clients do not have a position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin. The Motley Fool has a disclosure policy.

Fuente

Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

Getty Images

The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

Fuente

Bitcoin

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.

How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.

Fuente

Bitcoin

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.

CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Fuente

Bitcoin

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.

The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.

Fuente