Benzinga - Crypto analyst Willy Woo has warned that if Bitcoin (CRYPTO: BTC) reaches above $1 million, it could become “very unstable.” His comment comes in response to a statement made by Ark Invest CEO Cathie Wood, who predicted Bitcoin to reach $1 million by 2030.
What Happened: According to Woo, if Bitcoin attains a corresponding capitalization, it would act as a true challenger to fiat currency, the forces pushing its pricing dichotomizing like the breaking of the sound barrier.
Thus the forces pushing BTC pricing becomes binary, like breaking the sound barrier.There’s increasing bearish pressure on BTC as it approaches fiat market caps, while governments suppress it. If the barrier is broken, BTC gets bullish pressure and escapes towards infinity.
— Willy Woo (@woonomic) December 26, 2022
See More: Best Crypto Day Trading Strategies
In an interview with Bloomberg, Wood said that the recent losses sustained by FTX and other leading crypto firms only serve to strengthen the infrastructure for the apex cryptocurrency. Bitcoin comes out of this “smelling like roses,” she said.
While Wood herself is not skeptical about Bitcoin, she believes that the situation may make institutions hesitant to invest in Bitcoin in the short term, but in the long run, may make them more comfortable.
Price Action: At the time of writing, Bitcoin was trading at $16,879.89, up 0.06% in the past 24 hours, according to Benzinga Pro data.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Muted Amid Holiday Lull: Analyst On What To Expect As New Year Approaches
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.