Fund manager ARK Invest said that bitcoin could become more valuable than most fiat currencies, including the US dollar.
Cathie Wood said that when bitcoin was worth $250, she asked renowned economist Art Laffer to study the First Cryptocurrency White Paper to see if BTC could fulfill the roles of fiat money as a store of value, unit of account, and medium of appeals. Laffer responded that Bitcoin has the potential to be an asset that supports the value of the US dollar:
“I have been looking for an asset like this since we went off the gold standard. Bitcoin is a rule-based monetary system. How big can BTC be?.. Well, how big is the US monetary base?” Laffer argued.
Wood noticed that at that time, the capitalization of Bitcoin was 6 billion, and the price was $250. “I then said, ‘That’s $4.5 trillion. He said, “Here is your answer.” Fund manager ARK Invest says that conversation prompted her to immediately invest a large amount of money in BTC.
“As soon as Art said that, I lit up like a light bulb. I don’t even know exactly how much BTC I bought, at that time I didn’t count them. But BTC kept everything, ”Wood shared.
Previously, an experienced investor did not tell anyone about the case, but after a memorable conversation, she spent more than $ 100,000 on bitcoins.
Recently, seasoned crypto trader Tone Vays stated that Bitcoin will reach a six-figure price in 2023, before another miner reward cut. Bloomberg Senior Analyst Mike McGlone has repeatedly said that the price of Bitcoin will reach $100,000 in the coming years. This month, he said that BTC will stand next to gold as a global asset.
