Forex in this article
Bitcoin will exceed a million dollars in 2030
Talent and businesses are migrating to the crypto industry
Transformation of financial transactions in blockchain
Bitcoin started the DeFi (decentralized finance) revolution and is also crucial for Web 3.0, he wrote in a post on the public trading app. Wood remains convinced of the success of Bitcoin and Ethereum as an integral part of her investment strategy.
At the Public Trading App Town Hall Forum (02/01/2022), when asked about the recent losses of the ARK Innovation ETF, she replied that she was interested in long-term investments, that volatility in the market matched with risk, that she was investing in the future and not in short-term gains. Therefore, ARK Investments is focused on the next five years and not the next quarter. ARK Big Ideas 2022 set the time frame to 2030.
The investor and cryptocurrencies
When asked which cryptocurrency he trusts more, Bitcoin or Ethereum, Wood wrote that Bitcoin is the deepest application of public blockchains, the “basis for ‘self-determining’ digital money.” The Bitcoin protocol allowed two revolutions, that of the Decentralized Financial System (DeFi) and that of Web 3.0. They trust both cryptocurrencies, but since the coins are geared towards different goals, they cannot be compared with each other.
With blockchain technology, traditional financial institutions that regulate access to financial services will become obsolete in the long run. And with that, banks have a problem, emerging investor Cathie Wood told CNBC at the Bitcoin 2022 conference in Miami. They are losing business and talent in the world of cryptocurrencies. The growing interest of institutional investors in the decentralized financial system of the crypto world now threatens the traditional banking world.
Cryptocurrencies were originally created to bypass traditional institutions, and banks can now sense this, he said in an interview with CNBC’s “Crypto World.” It is also significant that, with political institutions, another part of the establishment is now reacting positively to cryptocurrencies, such as US Treasury Secretary and former Fed Chair Janet Yellen. He had recently been more open to cryptocurrencies and thus completed a one hundred and eighty degree turnaround.
ARK 2022 Big Ideas
In their Big Ideas 2022, ARK analysts illustrate how public blockchains will replace institutions with decentralized open source software and rely on a global peer-to-peer network to enforce rules, not individuals or institutions. This infrastructure serves as the foundation for new forms of economic coordination and minimizes the need to rely on centralized institutions. Another benefit is the reduction of coordination costs. ARK compares the adoption of blockchain to that of the Internet: just as the Internet transformed information into packets, in blockchain all assets could become blockchain transactions. This would have maximum effects on all systems.
Concerns about the lack of sustainability of Bitcoin are not justified, Bitcoin could change the history of money towards a fairly distributed global financial freedom, the report continues. Bitcoin mining as a fast-growing industry sector and innovations in power generation and use by Bitcoin miners could also drive success.
Bitcoin price target at $1.36 million
The ARK research report puts the price of Bitcoin at $1.36 million in 2030, which is huge even for Bitcoin enthusiasts. Because cyber currency cannot be measured by revenue or profit, forecasts for bitcoin are based on its prevalence and importance in financial transactions.
It remains to be seen how Bitcoin will be integrated into the financial system and to what extent the ARK analysts’ claims about transforming most financial transactions on the blockchain are correct.
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