• Cathie Wood of Ark Invest strongly believes that by owning Coinbase stock, her new portfolio is enough to make a huge impact in the Nasdaq market.
• Wood sees great potential for Bitcoin, citing its recent price jump from $7000 and her belief that it could reach $1 million by 2030.
• She also believes that the crypto market is leading the Fed in a more bullish direction due to massive supply shocks experienced over the past two years.
Cathie Wood’s Bullish Outlook on BTC and Coinbase Stock
Cathie Wood of Ark Invest believes that by owning Coinbase stock, her new portfolio is enough to knock the Nasdaq into oblivion. She clearly feels Coinbase is going to take the world by storm alongside the likes of bitcoin, Ethereum, and other major forms of crypto.
Wood’s Positive View on BTC’s Potential
Wood is particularly pleased with bitcoin’s prospects as of late and stated in a recent interview that she thinks bitcoin could reach a price of more than $1 million by the time 2030 comes around. In a recent report, her firm Ark Invest published a report showing Bitcoin’s long-term opportunity continues to strengthen despite its turbulent year.
The Effect of Supply Shock on The Market
Wood went further with her positive BTC sentiment to say that she feels the crypto market is pushing the Fed in a more bullish direction due to massive supply shocks experienced over the past two years.
Bitcoin Price Jump Since End of 2020
Bitcoin is currently trading for around $23K, meaning it has risen by about $7K since the end of last year and bringing back its value at more than $1 trillion.
Overall, Cathie Wood remains confident in Bitcoin and Coinbase’s stock performance due to its resilient network fundamentals and long-term holder base despite its turbulent year. She also believes that this coin will continue growing until it reaches an estimated price of over $1 million within 7 years.