Bitcoin 2022: The Future Is Bright with Michael Saylor & Cathie Wood
Cryptocurrencies are a relatively new asset class, having been around for less than 15 years. The largest and most popular, Bitcoin, acts as a form of digital money that can be saved or spent. It’s grown a large following in part due to its structure of 21 million maximum Bitcoin that can ever be mined.
At the Bitcoin 2022 conference, ARK Investment founder Cathie Wood and Michael Saylor, CEO of MicroStrategy (MSTR), explain their reasoning for investing heavily in Bitcoin.
Wood went into why her fund started investing in Bitcoin in 2015. They were one of the earliest funds to do so. And why institutional investment of just a small allocation in the coming years could lead to a much higher price. Ark has a price prediction of $1 million per Bitcoin from a current price closer to $40,000.
Wood notes that Bitcoin is the, “First, Global, Private, Digital, Rules Based, Monetary System in the History of the World.” And that each word of that sentence has a profound investment implication.
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Saylor, leveraged up the balance sheet at MicroStrategy to buy Bitcoin. He notes that fiat currencies like the dollar lose their purchasing power over time.
Saylor notes that he could have held purchasing power with gold over the past two years. But buying Bitcoin instead allowed his company to surge in value to over $5 billion.