‘The New Nasdaq’—Coinbase Backer Issues Huge 4,200% Price Prediction After 2023 Bitcoin, Ethereum And Crypto Boom
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the latest bitcoin and crypto market crash
The bitcoin price has climbed to levels not seen since last August despite the crypto industry bracing for game-changing new regulations.
Now, Cathie Wood’s Ark Investment Management, a major backer of crypto exchange Coinbase, has doubled down on its huge bitcoin price prediction—with Wood declaring her soaring fund is “the new Nasdaq.”
It’s in a brutal bear market that you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
“Bitcoin’s long-term opportunity is strengthening,” Ark analysts led by chief investment officer Yassine Elmandjra wrote a report this week that included a bitcoin price prediction of $1 million per bitcoin by 2030—a 4,200% increase from bitcoin’s current $23,000 price.
Bitcoin, ethereum and other cryptocurrencies have suffered an almighty crash since peaking in late 2021, causing traders and investors to flee the market as the Federal Reserve hikes interest rates to combat runaway inflation.
“Despite a turbulent year, bitcoin has not skipped a beat,” Ark strategist wrote. “Its network fundamentals have strengthened and its holder base has become more long-term focused.”
Meanwhile, Ark founder Cathie Wood has doubled down on the $1 million by 2030 bitcoin price prediction, declaring her innovation and disruption-focused fund “the new Nasdaq” in a Bloomberg interview following its near-40% gain so far in 2023, adding nearly twice as much as the Nasdaq 100. However, over the last five years, Ark has managed a return of just 10% compared to the Nasdaq’s almost 90%.
Wood, who’s bought $30 million worth of Coinbase stock over the last two months as the Coinbase share price roars back, added that she would not be surprised if the Fed moved to cut interest rates at some point in 2023 as officials try to balance fighting inflation with supporting the economy.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
“We think the market is leading the Fed,” Wood said in an interview with CNBC this week.
“The bond market is basically saying the Fed is close to the end of this tightening move, and is also saying that inflation will surprise on the low side of expectations, which means when we look back, the past two years inflation issue and interest rate issue has been a function of massive supply shocks to the system.”
Meanwhile, other bitcoin, ethereum and crypto market watchers are also feeling bullish for 2023 after a January price explosion.
A panel of crypto experts last month predicted the bitcoin price will soar to almost $200,000 per bitcoin by 2030 (giving bitcoin a combined market capitalization of just over $3 trillion) but not before dropping sharply again in 2023.