Cathie Wood: Bitcoin going beyond US$1m post-halving | nzherald.co.nz
nzherald.co.nz・23 minutes read
Kathy Wood predicts Bitcoin will reach a million-dollar valuation with the help of ETFs and the upcoming Haring event, set to reduce daily Bitcoin production in April. Institutional adoption and ETF approvals are driving increased Bitcoin exposure, with potential for further growth beyond $1 million by 2030.
Insights
- Kathy Wood predicts Bitcoin may surpass a million-dollar valuation due to ETFs and the upcoming Haring event, impacting supply and demand dynamics significantly.
- Institutional mindset shifts towards Bitcoin as an asset class are crucial for reaching Wood's bullish price targets, with potential for further growth beyond $1 million by 2030, highlighting the evolving perception of cryptocurrencies in the financial landscape.
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Summary
00:00
Bitcoin ETFs and Haring Event Drive Growth
- Kathy Wood predicts Bitcoin surpassing a million-dollar valuation due to ETFs and the upcoming Haring event.
- The fourth Haring event, reducing daily Bitcoin production from 900 to 450, is set for April, impacting supply and demand dynamics.
- Only 21 million Bitcoins can ever be issued, with over 19 million already in circulation.
- ETF approvals by Black Rock, Fidelity, Ark, and others have increased Bitcoin exposure for retail and institutional investors.
- Kathy Wood's ARK 21 Shares ETF has seen significant inflows, surpassing expectations and converting funds from GBTC.
- Assets under management for Bitcoin ETFs are expected to grow substantially, potentially surpassing the SPY ETF.
- Current ETFs hold about 4% of all outstanding Bitcoin, with long-term holders not selling, impacting price dynamics.
- The upcoming Haring event will reduce Bitcoin supply growth below 1%, potentially boosting prices historically.
- The cost to mine Bitcoin will increase post-Haring, potentially impacting price dynamics, but ETF infrastructure may mitigate immediate effects.
- Institutional mindset shifts towards Bitcoin as an asset class are crucial for reaching Wood's bullish price targets, with potential for further growth beyond $1 million by 2030.
18:35
"US Investment Advisers, Coinbase, Bitcoin, Tesla AI"
- Some independent registered investment advisers in the US require 3-6 months for due diligence on investments.
- Coinbase, a custodian of ETFs, is performing well, but holdings are being trimmed for portfolio management.
- FTX and Binance issues have led to Coinbase gaining international market share due to its trusted nature and regulatory compliance.
- Bitcoin's success is attributed to eroding trust in traditional monetary systems, with El Salvador adopting it as legal tender.
- Holding Bitcoin in treasuries could benefit economies, especially in Emerging Markets, as a hedge against currency devaluation.
- AI is a significant focus, with Tesla exemplifying the four key characteristics for capitalizing on AI: domain expertise, AI chip development, global distribution, and proprietary data.
- Tesla's AI potential is underestimated, while Nvidia's prospects may be overestimated in the AI space.
