• ARK Invest CEO Cathie Wood predicts Bitcoin (BTC) will hit seven figures.
• Wood believes a deflationary macroeconomic environment is looming and Bitcoin will have another purpose beyond acting as a buffer against inflation.
• Wood also highlights the transparency of Bitcoin blockchain, which reduces counterparty risk in the blockchain world.

ARK Invest CEO Predicts 7-Figure BTC Price

ARK Invest CEO Cathie Wood is doubling down on her prediction that king crypto Bitcoin (BTC) will hit seven figures. In a recent Bloomberg interview, she expressed her confidence that her $1 million target for Bitcoin will be realized due to the prevailing global economic environment.

Bitcoin: A Hedge Against Inflation

Wood believes that Bitcoin can act as a hedge against inflation. She explained, “The more uncertainty and volatility there is in the global economies, the more our confidence increases in Bitcoin… We think it was very much supply-chain driven and Bitcoin was/is a hedge against inflation.“

Deflationary Macroeconomic Environment Ahead

According to Wood, a deflationary macroeconomic environment might be looming ahead and this could give an additional boost to Bitcoin’s value. She said,“We also believe now that the bigger risk is deflation, not inflation. And why would Bitcoin do well in that circumstance? It would do well because it’s an antidote to counterparty risk in the traditional financial system.“

Bitcoin Blockchain Transparency Reduces Counterparty Risk

Wood further highlighted how transparently transactions are conducted on the blockchain network of Bitcoin, which reduces counterparty risk significantly compared to traditional financial systems. According to Wood,“On the Bitcoin blockchain, everything is transparent and maybe pseudo-anonymous. But we can see all the transactions, all of the activity, and therefore, we have a much better understanding of how little counterparty risk there is in the blockchain world.“

Current Price Action

At time of writing, BTC is trading at $26678 USD.