This week controversial Cathie Wood of Ark Invest re-affirmed her forecast that by 2030 Bitcoin will have risen from its current $16 000 to above $1m. For most, her assertions appear to belong in cloud cuckoo land. As the chart below shows, quite apart from steaming higher, Bitcoin’s price has fallen from $60k a year ago to below a peak of five years ago.
But my go-to Bitcoin guy, Stafford Masie, doesn’t share widespread scepticism on Wood’s forecast. In fact he reckons she’s being conservative.
___STEADY_PAYWALL___Masie, who calls himself a Bitcoin ‘maximalist’, regards the mysterious Satoshi Nakamoto’s creation as ‘a fundamental, technological gift to humanity that redefines value exchange on a global basis’. To whit: “Mankind got the gift of fire…….then the wheel……..now Bitcoin.” Not one for the understatement our Stafford.
We got together in the BizNews studio in Bryanston yesterday to discuss implications for digital currency markets of the FTX implosion, including the impact on SA crypto exchanges Luno and VALR. A fascinating 45 minutes broken into two parts. With one conclusion – use the current price weakness to buy Bitcoin. And wait.
Click here to watch the first part – and if you own crypto coins, be sure to also click here to hear Masie’s advice on how to protect yourself in the wake of the FTX collapse and associated contagion. A good investment. Whether you’re a fan or not.
More for you to read today:
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- Investing for 2024 with Alec Hogg – the future of politics vs economics in South Africa. In this webinar, Alec Hogg helps you understand how to best position yourself, and your investments for the future that awaits South Africa.
- ICYMI: BizNews Share Portfolio November update: Tech capitulation must be nigh. The share portfolio’s recent move to local equities has proven to be a good one, supported by impressive compound annual growth rates in November.
Our go-to guy on all things digital, Stafford Masie, believes the FTX collapse and associated contagion will once and for all highlight the vast difference between Bitcoin and its many imitators – so called ‘shitcoins’. In this fascinating interview with Alec Hogg of BizNews, he discusses FTX and its fraudster founder Sam Bankman-Fried, explains how the FTX collapse was inevitable and why what happened proves that in direct contrast to other crypto currencies, Bitcoin is ’a fundamental, technological gift to humanity that redefines value exchange on a global basis”. A Bitcoin maximalist, he reckons Cathie Wood’s updated forecast this week that Bitcoin’s price will hit $1m by 2030 “is conservative”. Sceptical? Keep an open mind, invest half an hour, and chances are you’ll change that opinion.
