Bitcoin to 3800%? Cathie Wood’s Bold Prediction
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome back to Chain Train your go-to podcast for everything crypto! Today we’re diving into major developments shaping the industry. From North Carolina considering state investments in Bitcoin to Nasdaq’s push for XRP & Litecoin ETFs we break it all down. Plus we’ll explore Korea’s growing crypto adoption Cathie Wood’s bold Bitcoin prediction and why crypto ads were missing from the Super Bowl. Let’s ride the Chain Train!
NC House Speaker Destin Hall prioritizes allowing North Carolina to invest state funds in cryptocurrency filing House Bill 92 to permit up to 10% investment in assets like Bitcoin. Hall and fellow GOP lawmakers argue this move would boost returns and establish NC as a leader in blockchain innovation. The bill aligns with Republican support for crypto as the industry heavily funds GOP efforts. Previously NC GOP lawmakers opposed a government-backed digital currency overriding a veto by then-Gov. Roy Cooper. Trump's administration has also reversed Biden-era crypto regulations favoring industry growth.
WazirX has completed its asset restructuring and will propose a recovery scheme for a user vote months after a $230M security breach. The scheme covers 85% of investor balances as of July 18 2024 with future distributions over three years from illiquid assets and shared profits. Recovery tokens will be issued and a 75% majority vote is required for approval before court sanction. The platform has 4.3M creditors. Parent firm Zettai sought Singapore High Court approval in December to convene a creditors' meeting. If approved initial liquid asset distribution will occur within 10 days. WazirX with $546.5M liabilities and 16M users received a four-month moratorium in September to restructure.
Cathie Wood founder of Ark Investment predicts Bitcoin could surge by 3800% long-term citing its role as "digital gold," increasing institutional investment and potential adoption by nation-states. Bitcoin’s market cap stands at $1.9T over half the crypto market. Institutional investors face hurdles in direct crypto investments but Bitcoin ETFs provide regulated access expanding its investor base. Wood suggests governments might add Bitcoin to reserves a move supported by Donald Trump. While bullish experts caution that such growth could take decades due to ETF adoption rates and Bitcoin’s speculative nature.
American foundations and university endowments are increasingly investing in cryptocurrency amid market growth. The University of Austin is launching a $5M Bitcoin fund while Emory University disclosed Bitcoin ETF holdings. The $4.8B Rockefeller Foundation may expand crypto exposure. Crypto venture funds like Pantera Capital report rising institutional interest. Yale was an early adopter in 2018. Companies are also leveraging Bitcoin as a financial asset with Strategy (formerly MicroStrategy) using it as collateral. Regulatory clarity under the Trump administration is easing institutional concerns boosting confidence in crypto investments.
Nasdaq has filed with the SEC to list XRP and Litecoin ETFs from CoinShares amid growing demand for crypto ETFs beyond Bitcoin. Cboe also filed for XRP ETFs from Bitwise WisdomTree Canary and 21Shares. Regulatory shifts under acting SEC Chair Mark Uyeda have encouraged asset managers to explore new crypto products. XRP’s approval may face hurdles due to past SEC legal battles though Ripple secured a partial 2023 victory. If approved these ETFs would track specific crypto indices and hold only their respective cryptocurrencies. Bitcoin ETFs have already attracted $41B in inflows since SEC approval in Jan 2024.
South Korean investors are shifting from bank savings and stocks to cryptocurrencies due to low interest rates and weak stock performance. Deposits in Korea’s top five crypto exchanges more than doubled to 10.66T won ($7.3B) in January from 5.22T won a year ago. Meanwhile major banks saw a 26T won decline in term deposits over two months. Upbit led with 7.76T won in deposits followed by Bithumb with 2.52T won. Crypto trading volume has surpassed stock market activity. Analysts cite Trump’s pro-crypto stance and potential corporate investment in virtual assets as key drivers. Lawmakers push for stricter crypto regulations.
Crypto ads were absent from the 2025 Super Bowl despite a strong market contrasting with the 2022 "Crypto Bowl" when Coinbase Crypto.com and FTX dominated. Ads disappeared in 2023 after FTX’s collapse and a bear market. This year AI-themed ads took center stage. The Kansas City Chiefs the first NFT team to win three Super Bowls lost to the Philadelphia Eagles. Taylor Swift attended with other celebrities and Kendrick Lamar’s halftime show featured his Grammy-winning diss track "Not Like Us," with Serena Williams making a surprise appearance.
That’s a wrap on today’s Chain Train! From institutional investments to state-backed crypto funds the industry is evolving fast. Stay tuned for more insights on the next ride. Don’t forget to subscribe and follow us for the latest crypto news. Until next time keep stacking sats and riding the Chain Train!