ARK Invest’s Cathie Wood Puts Bitcoin at $1 Million in 8 Years, Here’s Why
ARK Invest CEO Cathie Wood has long been a supporter of Bitcoin. The CEO had taken the bold step of becoming one of the first managers of a public fund to actually openly support the digital resource. ARK Invest had made some investments related to the cryptocurrency, such as buying shares in Coinbase, the first crypto exchange to go public, and owning significant shares in Grayscale Bitcoin Trust (GBTC). Now the CEO has once again reiterated his belief in the long-term potential of the digital resource.
Bitcoin on the way to 1 million dollars
Over the past year, Cathie Wood has had some very bullish views on bitcoin. This has seen the CEO reveal some very interesting forecasts for the digital asset. In 2021, Cathie Wood said she thought the price of bitcoin would reach $500,000 in five years. This was when the bull run was in full swing and the digital asset had actually already reached several new records.
Despite the decline in the price of the digital asset since then, the CEO is back again to reiterate his bullish stance on the cryptocurrency. Speaking on the “What Bitcoin Did” podcast, Wood presented her bullish case for the digital asset once again.
According to the ARK Invest manager, she believes that the bitcoin price will reach 1 million dollars in 2030. This is not the first time that Wood has given exactly this forecast. Speaking at the Bitcoin 2022 conference in Miami earlier this year, Wood had made the exact same prediction. She explained that this is because institutions started to move into the market, which would provide the push it needed to beat such prices.
BTC recovers to mid-$19,000s | Source: BTCUSD on TradingView.com
Important reasons for this
In the past, Wood has said that her firm believes that the entry of institutional investors into bitcoin will be the main driver behind the price. At the time, Wood explained that even if only 5% of institutional money were to move into the digital asset, it would surpass the $500,000 level, which she believes will happen by 2030.
Another reason given for this is the protection that bitcoin provides to investors. Over the years, there has been an impact on accumulated wealth on the part of investors due to the increase in inflation. Wood says bitcoin has become an insurance policy for investors around the world, which is why she thinks it’s worth a million dollars.
“My background is both economics and finance. So I feel very confident in what I’m saying: this is the first global private, meaning no government oversight, digital rules-based monetary system. When I explain it like this, I ask everyone to listen to each of these words, each of them is very important. This is one of the most profound innovations of our time.”
Wood is not the only one at ARK Invest who seems convinced of bitcoin’s growing power. The CEO explained that the price target is from the research arm of ARK Invest, which has taken many factors into account before arriving at this figure.
Featured image from Barron's, chart from TradingView.com
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