Cathie Woods Another $COIN Stock Buy and Bitcoin Prediction
- Cathie Wood refilled the Coinbase (NASDAQ:COIN) stock bucket by buying up the shares.
- This $COIN stock purchase by Cathie Wood was after an almost month long hiatus.
Cathie Wood, founder and CEO of ARK Invest, is back to buy up shares in Coinbase ($COIN). According to weekend reports from ARK Invest, the firm disclosed that it had purchased 162,325 shares of $COIN.
Meanwhile, the last purchase by ARK of $COIN was in mid-January when it bought $3.3 million worth of shares.
It can be seen that the $9.2 million purchase comes as US regulators increased their scrutiny of the digital asset industry. Although the Securities and Exchange Commission (SEC) did not go after Coinbase’s betting product, as it did with Kraken.
Last week, the SEC alleged that Kraken’s betting service was an illegal sale of securities. Thus, Kraken, a crypto exchange, ends its betting program in a $30 million SEC settlement. But this settlement could have a major impact across the industry.
ARK’s Innovation ETF (NYSEARCA: ARKK ) is up 28% so far this year, while the ARK Fintech Innovation ETF (NYSEARCA: ARKF ) is up 25% so far this year.
On the other hand, $COIN is up 69% year to date so far this year.
Cathie Wood highlights ARK’s Big Ideas 2023
Last week in the ARK Invest podcast entry, Cathie Wood weighed in on M2 growth, interest rates, inflation, car sales and Bitcoin. In this monthly video series, Wood discusses fiscal policy, monetary policy, market signals, economic indicators and innovation.
Wood also highlights ARK’s Big Ideas 2023. She said: “we’ve grown up in a linear world for the last 50 years and if we’re right that we’re entering a world of exponential growth, real GDP growth should kick in here .”
Wood’s Bitcoin Prediction
Wood has updated her Bitcoin price prediction as she now believes Bitcoin will reach $1.48 million by 2030. She is revising her previous price target of $1 million. Wood states that “the case for Bitcoin at these stratospheric levels is really a story of tremendous growth by a global standard.”
In the future, Bitcoin will account for a larger and larger share of global assets that will be held by institutions. It will continue to scale up globally as more nations accept it as legal tender. More people are also using Bitcoin to carry out online transactions.
This will be quite interesting as ARK Invest publishes the specific figures behind its assumptions. As ARK Invest suggests, there will be eight primary market segments such as emerging market currency and means of remittance, where Bitcoin will see growth. Based on estimates of the rate of penetration of Bitcoin, including these markets, it is possible to develop a bearish, a base case and a bullish scenario for Bitcoin’s price.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
