Cathie Wood Agrees With Balaji Srinivasan's $1M Bitcoin Forecast But Proposes A Different Timeline

Ark Investment Management CEO Cathie Wood agrees with Coinbase Global Inc.’s COIN former CTO Balaji Srinivasan‘s bullish forecast for Bitcoin BTC/USD but proposes a different timeline.

What Happened: In a Friday episode of Ark Invest’s podcast, Srinivasan reiterated his bold prediction that Bitcoin will reach $1 million in the next 90 days, citing the current regional banking crisis that he believes will destabilize the dollar and force the Federal Reserve to print more money. 

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While Wood had a slight disagreement with Srinivasan about the trigger for the rise of Bitcoin and the time horizon, she remains very positive about the digital asset.

“We are very positive about Bitcoin as well. But your forecast was in the context of hyperinflation associated with fiat currencies. Our optimism is more of a function of fears of deflation and counter-party risk. Both of those should accrue to Bitcoin’s benefit,” Wood said on a podcast.

Wood agrees with Srinivasan’s overall sentiments and Bitcoin’s value proposition. She believes the hyperinflation that Srinivasan predicts will take longer than 90 days to materialize. In fact, Wood’s $1 million Bitcoin prediction model has a 10-year timeline, which is a distinctly different assessment than the prediction made by Srinivasan.

Wood believes that the Federal Reserve and banks have made two major mistakes amid the pandemic.

“The two big mistakes that banks have made is that interest rates would stay low for a very long time because the Fed told them that during COVID. The second mistake was to assume that deposits would not leave the system,” she said.

Price Action: At the time of writing, BTC was trading at $28,295.53, up 1.47% in the last 24 hours, according to Benzinga Pro.

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