in the world of crypto we've been talking
about crypto for a long time I remember you and I had a conversation probably two
years ago talked about Bitcoin going to five hundred thousand dollars you still
in the same same place uh yes we are uh in fact we're a little higher than that in
our base case uh for for the year 2030. um and in our Bowl case much higher investing
expert Kathy Wood who's investing firm Arc invest just put out their big Ideas 2023 the purpose
of this report to enlightened investors on the long-term impact of innovation started in 2017
this annual research report seeks to highlight the technological breakthroughs evolving today
and creating the potential for super exponential growth tomorrow we believe that Innovation
is taking off now corroborating our original research and boosting our confidence in ark's
strategy that we're on the right side of history in this report Kathy Woods details how Bitcoin
can hit one million per coin by 2030 and you won't believe what she said about ethereum but anyways
listen to how she justifies 1 million per Bitcoin to this skeptical CNBC anchor here Bitcoin going
to 500 000 you still in the same same place uh yes we are uh in fact we're a little higher than
that in our base case uh for for the year 2030 um and in our bull case much higher if you
look at what has happened in the last year um actually Sam bankmanfried didn't like
Bitcoin at all and he didn't like it because of its decentralization and transparency and what
companies and uh went under they were the highly centralized non-transparent opaque companies so
FTX Celsius uh three AC three arrows Capital uh if you look at what happened to bitcoin the network
and ethereum the network they really didn't skip a Pete all transactions uh were completed all
smart smart contracts opened and closed so I think that uh starting with 0809 which is when
Bitcoin really uh debuted uh and even more so after the the crypto Fallout this past year
the collapse in many companies uh this idea of transparency and decentralization uh is taking
hold and Bitcoin and ethereum are the the two best manifestations of that in the crypto world the
question is how how does Bitcoin hit one million dollars per coin what's your reasoning Kathy Wood
walk us through this it's interesting how she says that her predictions in the report are actually
conservative and dialed down pay attention to what she says at the end of this this has gotten
a lot of attention as many of your predictions do that you guys are still looking for a million
or more a million dollars or more in Bitcoin value uh going out to 2030.
Um as I said this is
a controversial take after the drubbing and then some that we have seen in Bitcoin walk me through
it here like how do we get from here to there yes and you can see uh the building blocks in
Big Ideas uh Big Ideas 2023 the assumptions you'll see are very conservative in fact we've
dialed them down uh you know from uh just take institutional managers looking at Bitcoin as
a new asset class and they are and they are um uh we we've seen coinbase and BlackRock
hook up recently it's because institutional investors want access to this new asset
class which uh the the returns of which the correlation of the returns are low
which is exactly what they're looking for um a lot of uh let me just step back and just
say last year was a disaster for uh for crypto generally however if you look at the Bitcoin
blockchain it did not skip a beat no transaction was interrupted did it did what we thought it
was going to do and it is no surprise to us that Sam bankman freed did not like Bitcoin uh
why it's completely decentralized and completely transparent uh and uh he was he couldn't control
it his firm FTX was completely centralized and opaque uh so we think that as as investors reflect
on what happened last year the failures were those companies who that were not decentralized were not
transparent Bitcoin didn't skip a beat and if you watch what's going on especially in Emerging
Markets there's hyperinflation all over the world as their currencies have fallen apart and
as their fiscal and monetary responses to covid um have are now proving in some cases to
be disastrous those individuals the the those population need a fallback an insurance
policy like uh like Bitcoin as do high net worth individuals who are worried that uh their wealth
will be confiscating confiscated uh inflation is confiscation of wealth uh but then there's
outright confiscation uh and I'm sure that there are uh there are individuals in the troubled spots
of the world the the Russia's the controversies in China who are uh looking for that fallback in
case something really uh wrong happens to them uh in in these countries those there there are
tycoons who understand what their risks are so uh we believe that in insurance policies that
Bitcoin is probably the best insurance policy just keep that key in your head and at some
point you'll be able to cross a border and reclaim your wealth let's go through it Bitcoin
a durable Network We Believe bitcoin's long-term opportunity is strengthening despite a turbulent
year Bitcoin has not skipped a beat its Network fundamentals have strengthened its holder base has
become more long-term focused contagion caused by centralized counterparties has elevated bitcoin's
value properties decentralization auditability transparency the price of one Bitcoin could exceed
1 million in the next decade bitcoin's drawdown in this bear Market was the fifth largest in history
and the second longest in history and overall par for the course when it comes to bitcoin despite
severe drawdowns Bitcoin has outperformed every major asset class over longer time Horizon
bitcoin's fundamentals are stronger today than in past drawdowns Bitcoin has capitulated
enough that it has hit levels associated with price troughs in the past Bitcoin holders are
more long-term focused today than at any other point in history Bitcoin Supply held by long-term
hodlers people who don't have a history of selling there's more than ever exchanges have increased
transparency in response to the collapse of trust in centralized crypto entities bitcoin's hash rate
hits all-time highs in 2022 probably again this year Bitcoin mining is harnessing and containing
natural gas emissions for more on Bitcoin mining check out this video Bitcoin mining is good for
the environment 21 reasons why institutions are committed to bitcoin during a bear Market which
is the most surprising and thrilling and you can read about this yourself in the report Bitcoin
is likely to scale into a multi-trillion dollar market hitting a price point of one million
dollars per Bitcoin in the next seven years and that's just Bitcoin so much in this report has to
do with crypto if there in fact was mentioned 31 times in this report defy a promising alternative
to centralized intermediaries as centralized crypto lenders failed defy lending protocols
functioned as designed the ethereum merge ushered ethereum into a new era a deflationary
era that issues yield we're still in the early days of ethereum's layer 2 network but ethereum is
beginning to scale but we're early smart contracts are the future they could facilitate up to 450
billion in Annual fees by 2030.
Even Morgan Stanley's ex-ceo holds Bitcoin 50 years from
now I think things will be even more electronic and driven more and more by input from humans into
computers on how to trade how to take risks and to make sure they don't go over their limits you
used to own some Bitcoin I do do you still own it now yes look I'm in a company called current
a young man who started this company I put money with him Zoe Cruz who you know and met before
she runs a fund I'm invested in her and then through my family office we have some outright
positions in crypto regular people continue to talk about Bitcoin and that's why people are big
proponents of Bitcoin because there's no head you know the guy who created it is no longer here
it's it's it's it's it's much more distributed in that way is he no longer here is he amongst us
his problems Elon Musk oh yeah you this yeah yeah you immediately threw your friend Elon under the
bus interesting as one does interesting as one who's guilty does yeah I mean that that's a pretty
gutsy move to to create something really special and to walk away yeah it's interesting it's
very interesting all of it's interesting because um having options as to uh you know it's not like
our financial system is perfect having options and allowing it to evolve and get better that should
be everyone's goal and with so many upgrades coming for ethereum this year including stakers
being able to unstake this is hugely bullish for the network listen to this when ethereum lets
you unstake bullish the biggest barrier to people staking Eve you know and and getting rewards from
that was the uncertainty of knowing when you could get your funds back so it was sort of this weird
uh scenario right would you you know deposit money in a savings account if the bank said
well we don't really know when you could with you know not only can you not withdraw your
funds but you we don't even know when you can so that uncertainty was a massive barrier for
entry for most people um so that barrier is now being removed there's an expectation of uh
more people to start staking get your tickets to nftla Outer Edge March 20th through March 23rd
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