Ark Investment Management analyst Yassine Elmandjra, who previously made a bold $1 million Bitcoin prediction, is not backing down despite the problematic conditions on the cryptocurrency market.
The massive correction of the digital assets market is not a problem for the innovation-themed ETF that has always been pro-crypto, according to its creator, Cathie Wood. The tight monetary policy by the Federal Reserve is the main reason why investors have been actively selling their digital assets through 2022.
Ark's crypto analyst Elmandjra said to Bloomberg that there is still a sizable opportunity to be found in digital gold, despite the anemic price performance it has been going through lately. The $1 million prediction stays on, as he believes the market will most likely recover by the end of the monetary policy tightening cycle, and we will go through another bullrun in the middle of this decade.
Elmandjra believes that the market might see a 28-trillion-dollar opportunity if we stack every use case on top of another, which translates to more than a million dollars per Bitcoin. While the forecast may sound far too optimistic, some prominent Bitcoin influencers like Michael Saylor tend to support such an analysis.
Unfortunately, things do not look so bright for Cathie Wood's funds as most Ark ETFs lost all the value they gained during the bullrun on financial markets. Recently, Woods even released an open letter in which she asked the Fed to stop the rate hiking cycle as it affects the stock market badly and may cause irreversible effects.
Most users welcomed the letter poorly, highlighting Wood's bias and lack of objectivity in this matter.