Cathie Wood Predicts Bitcoin Will Reach $1 Million Amid Emerging Deflationary Environment

General director ARK Invest, Cathie Woodupdated its price prediction Bitcoin (BTC). He claims that the largest cryptocurrency will reach a seven-digit number.

Bitcoin for one million USD

Cathie Wood remains confident that BTC will reach value 1 million USD. She said so in a new interview for Bloomberg. The ongoing global economic situation boosts her confidence.

“The more uncertainty and volatility there is in global economies, the more our confidence in Bitcoin grows. And one of the reasons is that we just went through an inflationary scare. We think it was largely driven by the supply chain and Bitcoin was/is a hedge against inflation,” he claims.

Is deflation coming?

The CEO of ARK Invest says that a deflationary macroeconomic environment is emerging. This, she says, will make BTC have a purpose other than just an anti-inflation tool.

“We also now believe that the bigger risk is deflation, not inflation.”

Cathie Wood also revealed the reason why BTC should thrive under these circumstances. According to her, BTC is a kind of “antibody” against counterparty risk in the traditional financial system.

“On the Bitcoin blockchain, everything is transparent and pseudo-anonymous. But we can see all the transactions, all the activity, so we have a much better understanding of how little counterparty risk there is in the blockchain world.” she said.

Source: cointelegraph.com