Crypto News: In a recent televised interview on CNBC, renowned investor Cathie Wood, the CEO of Ark Invest, made a bold prediction for the future price of Bitcoin. According to Wood’s analysis, the flagship cryptocurrency could surge to a staggering $1 million by 2030, with its base price currently hovering around $600,000.
Cathie Wood Maintains Bullish Stance On Bitcoin
Despite the regulatory challenges and lawsuits targeting crypto platforms operating in the United States, Wood remains steadfast in her optimistic outlook. She views Bitcoin as a perfect hedge against inflation and counterparty risk, highlighting its unique attributes. Wood describes Bitcoin’s creation as a “very big idea” and refers to it as the “first global, private, no government oversight, digital, rule-based monetary system.”
Read More: Michael Saylor Proposes Bitcoin To Solve Turkish Lira Issue
This isn’t the first time Wood has made audacious price predictions for Bitcoin. In a May 2021 interview with Bloomberg, she forecasted that Bitcoin would reach $500,000 by 2026. In early 2022, she further raised the bar, setting the target at $1 million by 2030. Wood’s unwavering confidence stems from its ability to withstand financial crises, highlighting the recent banking turmoil where Bitcoin’s price remained resilient, thereby acting as a “flight to safety” according to Woods.
Woods Optimistic Take On Coinbase & Regulations
Wood has also expressed bullish sentiments regarding Coinbase, the leading cryptocurrency exchange in the United States. In light of recent legal challenges faced by Coinbase and the Binance exchange amid the U.S. SEC’s wild crypto crackdowns, Wood differentiated between the two — asserting that the crypto heavyweights did not belong to the same category. Moreover, Wood maintained her optimism surrounding COIN’s stock price as evidenced by her recent purchases of the equities.
While speaking about the ongoing proposals and bills presented by Congress to legitimize cryptocurrencies including stablecoins, the 67-year-old investor was quoted as saying:
We now have the Judicial system and the Legislative system getting involved in this topic and I think it’s great”
In addition, Woods was of the opinion that recent events would eventually pave the way for more regulatory clarity on digital assets and pathways for businesses to register with the concerned authorities.
Also Read: Binance To Temporarily Suspend All Crypto Margin And Earn Related Services
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu will Reach 100 billion in over 1Mn Years, Says Analyst The Coin Republic
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Shiba Inu is the fourteenth most used cryptocurrency in the crypto market, with 549,063,278,876,302 SHIB Tokens in circulation. The community is working hard to reduce its supply and continuously burns an average of 1-3 million SHIB tokens daily.
Recently a popular crypto YouTuber Jeff at OnTheChain.io, wrote in his Twitter post that the Shiba Inu would require 1.157 million years to reduce their circulating supply to 100 billion tokens.
Jeff noted that “SHIB has a quadrillion tokens. If they burn 1 million tokens per day, it would take approximately 1,157,174 years to reduce the total available SHIB to 100 billion tokens.”
Jeremy Hogan, the lawyer of $XRP, commented on Jeff’s post sarcastically, “so, you’re saying it’s possible.” The ‘sarcasm’ in this comment is that it is impossible and unrealistic for the community to take these years to burn its token to 100 billion tokens.
According to the SHIBBURN website, the burn rate of the Shiba Inu token descended by 95.18% in the last 24 hours and burned 1,065,035 SHIB tokens.
Currently, the community has burned around 410,384,886,076,079 from the initial supply. According to CoinMarketCap, Shiba Inu was trading at $0.00001173 at press time, up by $0.93% in the past 24 hours.
The 24-hour trading volume of SHIB has mirrored an impressive hike of 23.37%, and the trading volume was $323,659,517.
Shiba Inu is the second most valuable meme token after its competitor Dogecoin, one of the favorite tokens of centi billionaire and Twitter owner Elon Musk.
SHIB prices have risen by more than 45% in a month. The prices are retesting the resistance zone of 0.000012; if breached, a bull run may be established, reaching new highs. The RSI shows possible price reversal as sellers may participate in booking profits. MACD starts to record sellers gaining temporary dominance. Investors can trust the support zone near 0.0000075 to invest in SHIB and enjoy a price rocket near the Shibarium launch.
Shibarium is an upcoming layer 2 scaling network that will eventually house the entire Shiba ecosystem. Besides hosting the SHIB metaverse on Shibarium, the Shiba Inu team is also looking to deploy a stablecoin, called SHI, on the layer 2 solutions.
Shibarium, Layer 2 protocol by the Shiba Inu team, achieved major support from Atomic Wallet with around 5 Million users. Atomic Wallet is a non-custodial crypto wallet that recently announced the addition of support for Shibarium. The wallet became the first that officially announced its support for Shina Inu’s innovation. The wallet has a user base of over five Million, as noted.
