As Bitcoin (BTC) holds the crucial $65,000 to $66,000 area, Ark Invest CEO and CIO Cathie Wood has discussed the flagship crypto\u2019s current downturn, affirming that the era of severe pullbacks is over.<\/p>\n
In a recent interview on CNBC\u2019s Squawk Box, Ark Invest CEO Cathie Wood affirmed<\/a> that Bitcoin has matured over the last few years, citing broader adoption and growing institutional demand for the flagship crypto.<\/p>\n Wood said that Bitcoin is a \u201cproven technology\u201d and a \u201cproven monetary system,\u201d adding that the industry is \u201cseeing now is the institutionalization of this new asset class that has had a very low correlation with other asset classes.\u201d Therefore, \u201cthe 85%, 95% collapses associated with a very new technology, that\u2019s done.\u201d<\/p>\n To the CEO, the ongoing market correction, which has reduced Bitcoin\u2019s value by nearly half from its October peak, could be viewed as a \u201creal victory\u201d rather than a sign of weakness for the Bitcoin community, as it would mark a significant decline from its historical crashes during previous bear markets.<\/p>\n Last year, Wood trimmed<\/a> her Bitcoin prediction for 2030 from $1.5 million to $1.2 million. However, she has reiterated her view that Bitcoin will serve as a store of value and global settlement system.<\/p>\n She previously asserted that growing institutional adoption will be a powerful driver for long-term value for the flagship crypto, adding that it has only begun. \u201cInstitutions really have just dipped their toes into this space. We have just started, so we have a long way to go,\u201d she stated.<\/p>\n Despite Wood\u2019s outlook, other market analysts have forecasted much lower targets for BTC\u2019s bottom. Recently, Bloomberg senior strategist Mike McGlone suggested that a \u201cbursting crypto bubble\u201d scenario is looming for the leading cryptocurrency.<\/p>\nAnalysts Say BTC Bottom Is Much Lower<\/h2>\n