‘The New Nasdaq’—Coinbase Backer Issues Huge 4200% Post-2023 Price Prediction Bitcoin, Ethereum and Crypto Boom
BitcoinBTC, ethereum and other major cryptocurrencies have stormed into 2023, going through a $250 crypto market earthquake.
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Bitcoin price has climbed to levels not seen since last August, despite the crypto industry preparing for 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 to be “the new Nasdaq.”
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“Bitcoin’s long-term opportunity is strengthening,” Ark analysts led by chief investment officer Yassine Elmandjra wrote in 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 price of $23,000 .
Bitcoin, ethereum and other cryptocurrencies have suffered an almighty crash since their peak in late 2021, sending traders and investors fleeing the market as the Federal Reserve raises interest rates to combat ongoing inflation.
“Despite a turbulent year, bitcoin hasn’t skipped a beat,” the Ark strategist wrote. “The fundamentals of the network have strengthened and the holder base has become more long-term focused.”
Meanwhile, Ark founder Cathie Wood has doubled down on her $1 million by 2030 bitcoin price prediction, declaring her innovation and disruption-focused fund “the new Nasdaq” in a Bloomberg interview after rising nearly 40% so far in 2023, adding nearly twice as much as the Nasdaq 100. Over the past five years, however, Ark has managed a return of just 10% compared to the Nasdaq’s nearly 90%.
Wood, who has bought $30 million worth of Coinbase shares over the past two months as Coinbase stock roars back, added that she would not be surprised if the Fed moved to cut interest rates at some point in 2023 while officials are trying to balance the fight against inflation. with supporting the economy.
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“We think the market is leading the Fed,” Wood said in a interview with CNBC this week.
“The bond market is basically saying that the Fed is near the end of this tightening and also saying that inflation will surprise on the low side of expectations, which means that looking back, the last two years of the inflation problem and the interest rate problem has been a function of massive supply shocks to the system.”
Meanwhile, other bitcoin, ethereum and crypto market watchers are feeling positive for 2023 after a price explosion in January.
A panel of crypto experts predicted last month that the bitcoin price will rise to nearly $200,000 per bitcoin by 2030 (giving bitcoin a total market capitalization of just over $3 trillion), but not before falling sharply again in 2023.
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