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 will be there we'll be on some panels this is one
of my favorite crypto conferences in La maybe the best and to find out why it's so cool we
interviewed the founders check it out the number one best crypto event in Los Angeles nftla get
your tickets check out this interview to find out more details it's going to be epic we'll
be there get your tickets to bitcoin 2023 Miami May 18th through 20th Miami Beach this year use
code altcoin daily 10 off this is the biggest Bitcoin Conference of the Year ticket prices
continue to increase as we get closer to the event use code altcoin daily 10 off get your tickets now