Crypto Market Cap To $25 Trillion: Cathie Wood Reveals The 2 Coins To Buy
November 16 2023 - 8:00AM
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Cathie Wood, CEO of Ark Invest, has reiterated her bullishness on
the crypto industry. In a recent interview with CNBC’s “Squawk
Box,” Cathie Wood argued that the crypto industry is poised to
reach a $25 trillion valuation, given a regulatory breakthrough in
the US. Out of the multitude of digital assets on the market right
now, Wood sees two cryptocurrencies driving much of that growth:
Bitcoin and Ethereum. Cathie Wood Predicts $25 Trillion Crypto
Ecosystem The entire crypto industry has witnessed unprecedented
growth since the middle of October. According to data from
Coingecko, the entire crypto market cap has increased 35% from
$1.096 trillion on October 15th to a current value of $1.4828
trillion. Related Reading: Dogecoin Vs. Shiba Inu: Which Meme
Coin Is More Profitable For Holders? However, Cathie Wood is of the
notion that this growth isn’t over, and the industry will reach a
$25 trillion valuation in the near future. A $25 trillion market
cap means the industry would have to grow a whopping 1,585% from
its current level. Cathie Wood had predicted earlier in 2021 that
Bitcoin would climb more than 10 times its value in the next five
years, back when the asset was still trading around $50,000. Given
that Bitcoin is now selling at around $37,000, the host of Sqwauk
Box, Andrew Ross Sorkin, questioned Wood as to whether or not she
still stands by her prediction. “If we have this conversation in
‘25, ‘26, are you on track?” Sorkin asked. “Yes,” Wood
replied. The CEO did mention that this growth would be feasible
only if there were a regulatory green light to allow financial
institutions to participate in the cryptocurrency market. She also
brought up the role that Spot Bitcoin ETFs will play in the
projected spike, particularly BlackRock and Coinbase’s plan to
offer a spot Bitcoin ETF in the US. “I think BlackRock and
Coinbase’s partnership is going to be very important,” she said.
Total market cap a long way away from $25 trillion | Source: Crypto
Total Market Cap on Tradingview.com Bitcoin And Ethereum The Ones
To Look Out For Wood specifically called out two coins to look out
for as catalysts for this growth: Bitcoin and Ethereum, the two
leading assets. This isn’t surprising, as these two assets have
developed better price stability than most over the years.
“Our expectation is that the crypto asset ecosystem will be
dominated [by Ether and Bitcoin], and it will scale from a little
more than $1 trillion today to $25 trillion in 2030 as this new
world develops,” Wood explains. Related Reading: Lido DAO (LDO) New
All-Time High? One Analyst’s Perfect Setup To $37 The ARK Invest
CEO has been a long supporter of Bitcoin. In another interview, she
said she would prefer to hold Bitcoin for 10 years over cash and
gold. The CEO is also no stranger to Bitcoin price predictions, as
she has previously said that BTC will go to $500,000 and even reach
$1.48 million in the next seven years. According to CoinShares’
latest report, investment products tied to digital assets just
reached a yearly institutional inflow of $1.14 billion. The
majority of this money ($1.083 billion) has gone into Bitcoin
investment products. This could signal the beginning of large-scale
institutional investor participation that Wood believes will propel
the crypto market cap to $25 trillion. ARK Invest is also waiting
for the SEC’s green light on its spot Ethereum ETF application.
Approval of a Spot Bitcoin ETF by the SEC is expected to propel the
crypto market into the next bull run. Featured image from Markets
Insider, chart from Tradingview.com
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