People Losing Confidence In Monetary System Could Trigger Bitcoin Price Rise

It’s been revealed that ARK Invest’s Cathie Wood said that Bitcoin could see a price rise if people lose confidence in the monetary system. Check out the latest reports about this below.

According to the latest reports, in a new YouTube update, Wood says that Bitcoin’s decentralized nature and scarce supply will attract capital looking for a superior store of value compared to what has historically been available to them.

“[Bitcoin is] playing the store of value role right now. And, if the global monetary systems right now, shall I say, lose the confidence of people generally, there will be a shift to more crypto from a store of value point of view, certainly.”

She continued and said:

“What will happen then, is the price of Bitcoin – remember there are only two million more to be minted – the price of Bitcoin will go through the roof.”

The ARK Invest CEO also says that BTC’s recent rally amid a banking crisis and general economic uncertainty is proof that it is beginning to succeed at fulfilling the role of a store of value.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $27,928.

Seasoned trader Tone Vays believes that Bitcoin’s (BTC) current consolidation is setting up the king crypto for an imminent breakout.

In a new strategy session, Vays said that Bitcoin’s consolidation is healthy as it allows BTC to take a breather before continuing its trend.

He gives an example of how Bitcoin consolidated at the height of last year’s bear market. According to Vays, Bitcoin cooled off for a time between May and June 2022 before breaking below the key psychological area of $20,000.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced just above $27k.