Bitcoin and cryptocurrency price is under the deep the eyes of investors. Though Bitcoin is confined in the cage of high volatility as the price often goes up and down. but the veterans and pro experts have already declared a positive reversion with Tesla TSLA +0.3% bull Cathie Wood making a big call this week.
The world’s largest cryptocurrency to a value of over $1 trillion has stalled in recent months. However, with the bitcoin price slipping under $50,000 and giving bitcoin a market capitalization of around $900 billion.
Allocation of huge investment
In addition to the circumstances, celebrity investor and Shark Tank star Kevin O’Leary has said he expects that once more trillion dollars worth of buying” into bitcoin and plans to surge his exposures to crypto to 7% by the end of 2021, up from 3% currently.
By the underlying assumptions, if the companies keep on diversifying their cash into something like bitcoin along with institutional investors start allocating 5% of their funds. Hereby we can say assertively that the price will be ten-fold where it is today,” said Wood, speaking to CNBC anchor Andrew Ross Sorkin at the Salt technology conference in New York. “So instead of $45,000, over $500,000.”
Back In July, Wood partook Musk and Twitter’s Jack Dorsey in a live discussion that saw the trio discuss bitcoin’s potential as well as the merits of Ethereum and the meme-based dogecoin.
To grow old with bitcoin
Wood, who proclaimed that she made price targets on a five-year timeline, named bitcoin as her top cryptocurrency as some of the countries consider bitcoin legal tender. Notwithstanding the fact that she’s also pro and bullish on the Ethereum price and sees the Ark portfolio split 60%, 40% between the two.
Malaysia encourages Bitcoin
Back in this month, El Salvador made history when it adopted bitcoin as its official currency alongside the U.S. dollar, sparking speculation other countries could follow suit. Some have suggested Ukraine could eventually adopt bitcoin after it moved to legalize it last week and a former prime minister of Malaysia has said his country should appreciate crypto holders to invest in Malaysia.
Much of this year’s crypto price goes up and it has seen the combined crypto market reaching the pinnacle from around $700 billion to over $2.2 trillion. Owing to rallies in Ethereum and its many rivals that are jostling for market share.
The future of Ethereum
Ethereum is seeing an explosion in developer activity thanks to NFT and Defy, Wood said. While citing the desire for non-fungible tokens for digital depositors and the explosion in crypto-based decentralized finance, without the need for banks to lend. And is designed to recreate interest.
The way I know the traditional financial industry doesn’t appreciate it yet. Wood said,” Our confidence in Ethereum has increased dramatically. As we saw the transition from proof of work to proof of stack.
Late last year, a long-awaited transition from Proof of Work to Proof of Stack began. Designed to support the Ethereum scale and increase its efficiency. However, the upgrade will not be completed until 2022.
Wood, who sees the already high price of Elon Musk’s Tesla in the years to come, praised the billionaire. Who loves Dogo Coin. “[Musk] is a visionary and he sees the future so clearly,” he said, predicting “explosive growth” and predicting the ship to be “nothing more than a disruptive innovation.
Eventually Wood added. That I am certain about Cryptocurrency that once it will reach the pinnacle of its position. If The investors hold up with Bitcoin.