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Cathie Wood's ARK Sees $1 Million Future for Bitcoin as IMF Questions El Salvador's Crypto Devotion

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Cathie Wood's ARK Invest projected Bitcoin can reach $1 million by 2030, the IMF asked El Salvador to drop bitcoin as legal tender and Thailand eyed regulation of the use of cryptocurrency as a payment. Watch Ross Mac of Maconomics break down the latest cryptocurrency news on TheStreet’s ‘Crypto Minute’ on Wednesday, January 26.

Transcript:

We got the alleged second coming of Warren Buffett calling for a million dollar price target on Bitcoin...while the IMF is back to hating on the adoption of Bitcoin.

I’m Ross Mac and these are the biggest cryptocurrency stories on Wednesday, January 26.

The hottest name on Wall Street in 2020 was Cathie Wood and her ARK Funds and now she is projecting Bitcoin could exceed $1 million by 2030. And the bold call follows a previous statement that Bitcoin could hit $500,000 by 2026. The ARK analyst who made the call in the firm's Big Ideas 2022 report cited the adoption of legal tender as a way for Bitcoin to scale...Now her funds have pretty much fallen off a cliff since her record year in 2020, but this is a call I can only hope she's right on.

The International Monetary Fund has called for El Salvador to drop Bitcoin as its legal tender. The IMF says that it believes that El Salvador's economy is shrinking while public debt grows. Now, this isn't the first time that the organization has spoken out against adopting Bitcoin as legal tender, but I have to agree with the vision of El Salvador's President...After all, 70% of the countries Citizens don't have access to traditional financial services...so crypto adoption seems to be the only likely solution.

Thailand's financial authorities are planning to regulate the use of digital assets as a means of payment for goods and services according to a press release. This means that the use of using crypto for payments will be limited but the regulators’ efforts could end up backfiring and causing crypto to be used more as a payment than an investment.

I’m Ross Mac and that was the Crypto Minute on TheStreet.

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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