Bitcoin continues to face a bear market, with the leading cryptocurrency struggling to break through the $20,000 mark. However, despite the current market conditions, ARK Invest CEO Cathie Wood has voiced her support for BTC, predicting that it will reach new heights in the future.

In a recent interview , Wood discussed her bullish outlook on Bitcoin, stating that she believes the cryptocurrency has the potential to reach $500,000 in the long term. Wood cited the increasing use of BTC for transactions and the limited supply of the cryptocurrency as factors contributing to her positive outlook.

“The reason we are so excited about it is that it is limited in supply, and it’s increasingly being used for transactions,” Wood said. “And, as it does that, the price should continue to go up.”

Wood’s comments come at a time when the future of Bitcoin is uncertain, with the cryptocurrency facing significant headwinds in the form of regulatory uncertainty and competition from other digital assets. Despite these challenges, however, Wood remains optimistic about the future of BTC.

“We think it will be a lot bigger than gold,” she said. “It is a better technology, it’s decentralized, it’s more secure, it’s portable, it’s easier to transact, and there’s a limited supply.”

Wood’s comments are in line with other bullish predictions for Bitcoin, with many analysts and investors expecting the leading cryptocurrency to reach new heights in the coming years.

In the short term, however, the outlook for BTC remains uncertain. Despite the recent dip in the market, many experts believe that the cryptocurrency is still in a strong position and is likely to recover in the near future.

Overall, the support from Wood and other investors is a positive sign for the future of Bitcoin, with many expecting the leading cryptocurrency to reach new heights in the coming years.

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Filed under: Bitcoin - @ December 13, 2022 6:20 am