While JP Morgan, the largest bank in the United States, warned that the value of bitcoin could drop to’zero’ (0), the CEO of Cash Wood Arc Investment Management, who is called’Money Tree Sister’, said that bitcoin was worth 500,000 dollars (558 million won). He repeated the prospect that it would go up to.
On the 27th (local time), he predicted once again that Bitcoin would go up to $500,000.
At the beginning, Wood predicted that Bitcoin would go up to 400,000 to 500,000 dollars at a seminar on cryptocurrency (virtual currency) hosted by Barrence, an American economic magazine last November.
He argued that if China issues a cryptocurrency (CBDC) that guarantees payment by the central bank, cryptocurrencies such as bitcoin will be accepted more widely.
He predicts that if cryptocurrency is widely accepted, institutional investors will have no choice but to include bitcoin in their investment portfolio, and even if institutional investors consist of only 5% of their assets as bitcoin, bitcoin will go up to $500,000.
However, experts who are neutral to cryptocurrency believe that if the central bank introduces CBDC, the value of Bitcoin will converge to ‘0’. This is because citizens will use CBDC, which is guaranteed to be paid by the government, instead of Bitcoin, where no one guarantees payment.
JP Morgan released a report that day and asked for special attention to investment, saying that bitcoin could drop to ‘0’.
On the other hand, as of 4:30 p.m. on the 28th (Korean time), Bitcoin is recording $37136, a drop of 2.71% from 24 hours ago on CoinMarketCap, a global coin market relay site.
