Ark CEO: $1 Trillion Is Nothing Compared To Bitcoin
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Answer Ark CEO: $1 Trillion Is Nothing Compared To Bitcoin
I said Cathy Wood, CEO of asset management firm Ark Invest, said during a virtual conference published yesterday that Bitcoin’s market cap of over $1 trillion is just the beginning of the cryptocurrency’s price discovery.
She told Wood:
If we add up all the potential demand relative to the limited supply, we come up with incredible numbers in the long run.
We have just started.
A trillion dollars is nothing compared to where Bitcoin will eventually be.
She added that one of the most surprising recent developments that Ark did not anticipate when the company was preparing its institutional report is that major institutional companies have begun to diversify their cash reserves using Bitcoin.
Read:PayPal Plans to Allow Users to Send Bitcoin Outside PayPal…Details Here
She explained this by saying:
We’ve seen Square do it, Tesla do it, not to mention MicroStrategy.
And one of the reasons, as Tesla announced yesterday, is that it wants to do business with bitcoin in different parts of the world, where converting from one currency to another is very expensive.
Bitcoin is a new asset class:
Wood has argued that bitcoin has become the first truly new asset class, as it has recently shown that it has a low correlation with other markets.
Thus, it is attractive because this is exactly the type that uncorrelated asset investors are looking for in all sectors. Wood added:
We think bitcoin is the first new asset class, a really new asset class since the 17th century, and since the advent of stocks.
So we are very excited about it.
At the same time, Wood urged US investors to refrain from selling and transferring their bitcoins until the Internal Revenue Service provides them with appropriate guidance.
Added:
The IRS has something to say about this.
Read:After Bitcoin is officially approved, the Central African Republic is preparing to build a center for cryptocurrencies
So if you have huge winnings of your bitcoins.
Wait for some updates to appear from the tax front.
Read also:
The Indonesian Ministry of Commerce reveals plans to launch a state-backed cryptocurrency exchange
Learn about the digital currency that has surpassed Bitcoin in terms of spread in the United States of America
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