According to ARK Invest’s Cathie Wood, Bitcoin’s market cap could explode to $4,500,000,000 – here’s why

Fund manager Cathie Wood believes that Bitcoin (BTC) market cap could skyrocket and become more valuable than most fiat currencies around the world.

In a new What Bitcoin Did interview with BTC proponent Peter McCormack, ARK Invest CEO says she asked prominent economist Art Laffer to “tear up” Bitcoin’s white paper to see if BTC fulfills the three roles of the cryptocurrency of money that are stores of value. unit of account and medium of exchange.

According to Wood, Bitcoin could potentially be the asset that will sustain the value of the US dollar.

“Art [Laffer] ripped it apart, which was fantastic, and he came back to us and said, ‘I’ve been looking for this since we left the gold exchange standard. It’s a rules-based monetary policy, a rules-based monetary system.” And he said… ‘That’s a rule and we have to come back to it.’ And I said to him, ‘Art, how big could that be?’ And he said, “Well, how big is the US monetary base?”

Well, Bitcoin was $250 back then, so roughly a $6 billion network value or market cap. I said, ‘That’s $4.5 trillion.’ He said, ‘There’s your answer.’”

Wood says Laffer’s response motivated her to invest “immediately a lot of money” in BTC.

“So I said, I don’t think I disclosed that before, but I put $100,000 in it. I do not even know [the amount of BTC bought], and I didn’t count then. And I kept everything. Because as soon as he said that, a lightbulb went on.”

At the time of writing, Bitcoin is trading at $19,215. With a market cap of over $368 billion, BTC could surge more than 1,122% if its valuation climbs to $4.5 trillion.

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