Alright, lets first take a look at the Coinbase and Bitcoin comments this week by ARKKs Cathie Wood via CNBC as we all know the SEC is coming after Coinbase like they did Binance. As a precursor, Magnelibra believes this is a necessary step in solidifying Bitcoins dominance and we expressed that opinion in our last post. As far as Cathie’s opinion on the situation, CNBC asked whether or not she maintains her $600k Bitcoin forecast and defends her recent Coinbase share purchase… Yes her base case for Bitcoin is still $600k by 2030, and she's not betting against the government by purchasing more Coinbase Global Inc stating that,
"No, we’re actually betting on the checks and balances inherent in our government, the SEC and uncertainty around [cryptocurrencies] is chasing digital asset business away from this country. I think the legislative branch understands it, this will be an election year issue." Cathie Wood via CNBC
We never believed that Bitcoin was akin to these crypto Alt-coins, nor do we believe Bitcoin should be treated as a traded commodity via the day trading bots, rather we believe the technology is a store of value and we agree with Cathie Wood on her calls in this space.
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