An article sorting out the latest views and price predictions of business giants on Bitcoin

Since the beginning of this year, the total market value of cryptocurrencies has evaporated by about $1 trillion. The collapse of the Terra ecosystem has triggered a major earthquake in the entire crypto community. Bitcoin is currently trading at around $29,300, down 38% year-to-date. This article will take you through the latest views or price predictions of Bitcoin from many business tycoons such as Elon Musk , Cathie Wood and Jack Dorsey .

Tesla CEO Elon Musk

Tesla CEO Elon Musk said in an interview on Monday that he hopes cryptocurrencies will make the core of money more efficient so that there will be less government intervention. According to the billionaire, cryptocurrencies will benefit and empower people, thereby increasing the power of individuals over governments.

Earlier, Musk said he still owns all of his Bitcoin and has no plans to sell it in the short term. His personal assets include Bitcoin, Ethereum and Dogecoin. In recent years, he has become a loyal supporter of these currencies. He told people not to hold fiat currencies such as the US dollar when inflation is so high.

“Generally speaking, when inflation is high, owning a house or company stock is usually better than owning dollars,” he said in an interview. “I still own and will not sell my Bitcoin, Ethereum or Dogecoin.”

In February last year, Tesla bought $1.5 billion worth of bitcoin and accepted it as a form of payment for its cars, sending bitcoin prices soaring. But Musk later announced in May that Tesla would no longer accept bitcoin for car purchases, citing the excessive energy consumption of bitcoin mining and considering using cryptocurrencies with lower energy consumption, causing bitcoin prices to plummet.

Cathie Wood

Cathie Wood, CEO of hedge fund ARK Investment Management LLC, said on Monday that more companies should get involved in the crypto world because cryptocurrencies not only provide the opportunity to do business anywhere in the world, but also allow users to hedge against severe inflation risks.

When talking about inflation, Wood pointed out that many emerging markets are suffering from severe inflation and they are facing the problem of maintaining purchasing power, and cryptocurrency is the way to implement the concept of deflation. She also expressed the hope that cryptocurrency and artificial intelligence will be deeply integrated in the future, which will increase the network effect of cryptocurrency and change the world in ways we can't imagine.

Cathie Wood sees Bitcoin as a "disruptive innovation" in line with corporate giants such as Amazon, Apple and Tesla. She said recent history shows that despite investor skepticism, disruptive technologies eventually explode in market value.

Cathie Wood is sticking with her January prediction that bitcoin will top $1 million by 2030. “We think we’re just getting started with bitcoin,” she told CNBC. She said institutions are just beginning to catch up with individuals in using bitcoin and that the world’s largest digital currency can serve as a hedge against inflation.

Twitter co-founder Jack Dorsey

Twitter co-founder and Square CEO Jack Dorsey recently changed his Twitter profile to “Bitcoin.” Dorsey has been a major supporter and evangelist for Bitcoin, and he has said that he does not pay attention to the rise and fall of Bitcoin’s price because he is sure that BTC will be adopted and increase in value in the long term.

Jack Dorsey expressed his role as a decentralization promoter in the rise of cryptocurrency by announcing Square’s plans to create a non-custodial and simple solution for storing and processing cryptocurrencies. He also pointed out that the current monetary policy is destructive and designed to concentrate power in the hands of the most powerful.

He said cryptocurrencies will fundamentally change the current system, empower individuals and thus contribute to world peace.

Dorsey is adamant about his belief in the leading crypto asset, Bitcoin, saying that Bitcoin will eventually become the global standard for money transmission and the native currency of the Internet. He said, "The Internet needs a currency that is native to it, and when looking at the entire technology ecosystem, it is clear that Bitcoin is the only candidate to fill this role at this time."

Guggenheim Chief Investment Officer Scott Minerd

In an interview with CNBC Squawk Box on Monday, Guggenheim Chief Investment Officer Scott Minerd said that Bitcoin could fall to $8,000, which is a drop of more than 70% from the current price level. Minerd said: "When you continue to fall below $30,000, $8,000 is the final bottom, so I think we have more room to go down, especially if the Fed takes restrictive measures."

Scott Minerd also said that most cryptocurrencies are "garbage," but Bitcoin and Ethereum will continue to exist, comparing the current speculative "gold rush" to the Internet bubble, adding: "I don't think we have seen the dominant players in the crypto space yet." Despite their success, Bitcoin and Ethereum still have flaws: they do not store value well and cannot be used for daily transactions.

Billionaire Ray Dalio

Billionaire Ray Dalio was a guest on CNBC's Squawk Box on Tuesday, where he shared his views on Bitcoin among many other hot topics. Bridgewater Associates founder Ray Dalio said that while he does not have a large percentage of his portfolio allocated to Bitcoin, he noted that the digital asset has come a long way over the past 11 years.

In addition, Dalio pointed out that Bitcoin can play a big role in cross-border remittances. He also mentioned that "cash is garbage." Dalio further elaborated, "When I say cash is garbage, I mean all currencies related to the euro and the yen. All of these currencies will depreciate relative to goods and services like they did in the 1930s."

Ray Dalio noted at the World Economic Forum (WEF) meeting in Davos, Switzerland that he thinks blockchain is great, “let’s call it digital gold.”

Dalio said in an interview with CNBC that Bitcoin only accounts for a small part of his portfolio. Although Dalio did not disclose the size of his holdings, he has previously expressed support for people to allocate up to 2% of their portfolios to Bitcoin.

Star Investor Kevin O'Leary

Canadian entrepreneur, celebrity investor, and television personality Kevin O'Leary has made a major prediction for the crypto industry. He believes that Bitcoin and cryptocurrencies will become the "12th sector" in the S&P 500 or Global Industry Classification Standard (GICS).

He believes that "the smartest people in the world" are studying cryptocurrencies and digital assets. He expects the United States to soon introduce a clear regulatory and policy framework to attract a large number of blockchain and crypto companies, and eventually, cryptocurrencies may become the "largest" component of the U.S. economy.

Kevin O'Leary said in an interview with CNBC that 20% of his personal portfolio is in cryptocurrencies, with crypto assets valued at "millions of dollars." He also owns Bitcoin, Ethereum, Solana , and other tokens.