Cathie Wood, chief executive officer of Ark Invest, has doubled down on her $1.5 million “Bull Case” Bitcoin forecast, citing such factors as institutional adoption, potential regulatory relief, and BTC’s growing recognition as a unique asset class.
Cathie Wood has reiterated her latest target prices for Bitcoin- by now, nothing can dissuade her from the amount she says the cryptocurrency will be worth by 2030 or even suggests that 2030 targets are at risk. In an interview given to CNBC on Friday, Wood repeated:
“In our base case, it’s around $650,000. In our bull case, it’s between $1 million and $1.5 million.”
Ark Invest first presented these Bitcoin price prediction in its 2023 Big Ideas report, published last February. The firm set out three scenarios this time, unlike the single prediction in previous reports. According to the base case, Bitcoin will reach $682,800 by 2030, based on the most likely assumptions. The firm’s “Bear Case” puts it at $258,500 by then while the “Bull Case” projects Bitcoin to hit $1.48 million per coin of the same year.
On Friday, Wood said that Bitcoin is still a good investment at the current price. “Remember, we were the first public asset manager to gain exposure to Bitcoin in 2015 at $250,” she said, adding: “‘We still, at $90,000, think we have a long way to go.“
“Why? Well, we’re getting regulatory relief here and I think that’s maybe one of the most important things to come out of this administration. We will get regulatory relief on all kinds of innovation, including health care,” the Ark Invest CEO said.
“The other thing is we’re looking at Bitcoin now being viewed as a new asset class — it’s not just a global monetary system, it’s a new asset class,” she continued. “And what that means is institutions, and asset allocators generally, are saying: ‘Wait a minute, this asset is behaving differently from all of our other assets, we need to include it.'” Noting Bitcoin’s previous performance in a halving cycle, Wood mentioned further increases as inflation continues dropping, and supply dwindles with every halving event.
