Bitcoin continues to be the most successful digital asset in the Blockchain space, much to the delight of its growing admirers. The cryptocurrency remains the most admired by many retail and institutional investors, a phenomenon believed by many analysts to have contributed to the digital asset’s rapid growth. The digital asset, so successful, has now surpassed the $1 trillion market capitalization consecutively. However, Cathie Wood, the CEO of investment giant- Ark Invest, believes that it is just at its starting point despite the recent rapid success of the cryptocurrency.
Wood believes Bitcoin demand will continue to surge
Speaking at an online webinar yesterday, Wood, who doubles as both CEO and CIO of Ark Invest, believes that the future of Bitcoin is too bright and that more is expected of the leading cryptocurrency. The financial analyst believes that the demand for Bitcoin is already at a point where it will continue to go up as the digital asset’s mainstream adoption continues to be on a high.
Wood is very optimistic about Bitcoin, as she believes that the digital asset is a significant driver of the overall Blockchain space. Despite its recent sojourn around the $60K mark, Bitcoin continues to be the leading and most valuable cryptocurrency. The cryptocurrency demand, whose trading volume is unmatched by any digital asset in the cryptocurrency space, continues to be high. Hence, this is why Wood, like many analysts, believes that its demand will continue to surge high.
Wood also believes that the recent institutional adoption of the cryptocurrency by many large corporations like Tesla, Microstrategy, and Square committing millions of dollars to invest in the cryptocurrency, is a factor that will continue to drive demand and increase its market capitalization. The last two years had witnessed many institutional investors committing their treasury reserves to the cryptocurrency, and Wood believes that the situation will remain like that for a while, especially as the asset has continued to flourish.
Wood bemoans crypto policies
In her speech to the audience, the business Executive defined Bitcoin as a unique asset class. Wood believes that the digital asset is in a world of its own and can not be compared to any of the assets before it. Wood also spoke about crypto tax reforms, a situation which she believes will likely hamper the mainstream adoption of Bitcoin and other cryptocurrencies.
Also, while Wood believes that Tesla announced that their customers can now buy their cars with Bitcoin, she feels there is a slight disadvantage to that move, especially for the consumer. The financial executive believes that the crypto tax reform, which the IRS had used since 2014, will not favor individuals looking to buy with Bitcoin, as they will be paying more with the cryptocurrency than with fiat currency.
However, she believes that a solution is not far from sight, as regulatory bodies in the U.S have continued to debate over the Crypto tax policies. However, the business executive moved ahead to advise her audience to slow down a bit for now spending Bitcoin, as she believes the proposed regulations will put things in a better stance.
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