Kathy Wood: Bitcoin will reach $1.5 million in just seven years

bitcoin BTC coin, price trend up, candlestick chart

On Wednesday, Bitcoin was unable to remain above $30,000.

Short-term investors are offloading their BTC, yet miners remain hopeful about the prospects of the pioneering cryptocurrency.

The launch of Nasdaq's crypto-custodial service has been postponed.

The US presidential candidate promised to "stabilize" the dollar by utilizing bitcoin.

A new protocol management model has been unveiled by the Polygon team.

On Wednesday, Bitcoin rose above $30,000, but failed to remain at this level. According to Glassnode, short-term investors have been the main sellers of BTC in recent days, having been preparing for profit taking for several weeks. Long-term investors, however, who have held cryptocurrency for more than 12 months, have yet to join the sellers.

Cathy Wood, CEO of ARK Invest, has made a daring forecast that Bitcoin will reach $1.5 million by 2030 in just seven years. She believes that the banking crisis has increased BTC's long-term potential, prompting investors to put their money into the cryptocurrency as a safe haven.

At the end of June, miners transferred a record-breaking $128 million worth of bitcoins to trading platforms - a 315% increase from their daily production. This indicates that miners are highly optimistic about Bitcoin, as they are dedicating more resources to its mining, according to experts from Bitfinex.

Legislation is being proposed in the US Senate to regulate decentralized finance protocols (DeFi) in a similar way to banks, in an effort to combat the increase in criminal activity involving cryptocurrencies.

Nasdaq, the US stock exchange, has decided to forgo its plans to introduce a crypto asset custody service due to the potential regulatory risks in the US. This announcement was made at the end of the first half of the year. Nevertheless, the exchange will continue to develop its technological capabilities for cryptocurrency.

Vitalik Buterin, co-founder of the Ethereum blockchain, discussed the implementation of account abstraction in the ETH network. He believes that this feature could bring in a billion users to the Ethereum network, but there are some issues that need to be addressed before it can be implemented.

If Robert Kennedy Jr. is elected as the Democratic presidential candidate, he has promised to introduce Bitcoin as the national currency and exempt income from operations with it from taxation.

Societe Generale's crypto division, SG Forge, has been granted a license by the French Committee for Financial Markets (AMF), making it the first company to receive authorization to offer crypto services in France.

The Polygon 2.0 roadmap has been unveiled by the Ethereum network team of the Polygon layer, which includes a new protocol governance model. This model will involve the formation of an 'ecosystem council' with the purpose of increasing decentralization of control.