In a recent interview with Bloomberg, ARK Invest CEO and CIO, Cathie Wood, shared her continued bullish outlook on Coinbase stock and her prediction that Bitcoin could reach $1 million. Wood’s position indicates her belief that the SEC’s enforcement actions will ultimately result in Coinbase becoming the top cryptocurrency exchange in the United States. She argues that the regulatory actions against Binance, one of Coinbase’s significant competitors, differ in severity, with Binance potentially facing more damaging charges.
Wood’s conviction on COIN may or may not be well-justified, as opinions among analysts seem divided. The average price target for COIN currently stands at $58.49, a roughly 12% increase from present levels. It’s worth noting that Coinbase is also facing its own legal battles with the SEC, which some analysts argue could cast a shadow over its future prospects.
However, Wood remains bullish on both Coinbase stock and Bitcoin price, holding firm to her 1 million USD target, even in the face of potential deflation risks. She sees Bitcoin as an “antidote to counterparty risk in the traditional financial system.” With US bank failures intensifying over the last three months, Wood’s stance may find some merit among her followers and the wider financial community.
Despite the ongoing legal battles and inherent risks associated with cryptocurrency exchanges, Wood’s optimistic approach remains a fascinating subject of conversation among crypto enthusiasts. The outcome of her predictions and the future standing of Coinbase and Bitcoin prices will undoubtedly be a significant point of interest in the blockchain and cryptocurrency world going forward.
Source: Cointelegraph
