Bitcoin can increase the cryptocurrency market by almost 5 times — study

Catherine Wood, the head of the ARK Invest fund, said that the flagship cryptocurrency could become a more valuable asset than most fiat currencies, including the US dollar. The expert said that when bitcoin was worth only $ 250, she asked renowned economist Art Laffer to study the Bitcoin White Paper. Wood wanted to consult with other professional analysts and determine whether BTC could fulfill the role of fiat money, i.e., be a means of saving and a unit of account.

In the course of his research, Laffer discovered that bitcoin has the potential to be an asset that supports the value of the US dollar. «I've been looking for a similar asset since we abandoned the gold standard. Bitcoin is a monetary system based on clear and strict rules. Bitcoin is as powerful as the entire US monetary system,» Laffer explained.

Wood emphasized that Laffer’s words gave her the opportunity to see the prospects for the flagship cryptocurrency and encouraged her to invest a significant amount of her own funds in bitcoin. The ARK Invest expert suggests that in the future, bitcoin’s market capitalization will reach more than $ 4.5 trillion.

Earlier, crypto trader and investor Ton Weiss warned about the possible growth of the bitcoin rate to $ 100,000 in 2023. According to him, the reason for the growth may be capital flows from Europe to the United States, as well as financial control by governments, which may result in fiat funds being confiscated or frozen. Bloomberg senior analyst Mike McGlone has also repeatedly said that the bitcoin rate will reach $ 100,000 in the coming years. This month, he said that BTC will be next to gold as a global monetary asset.