ARK Invest’s Cathie Wood Puts Bitcoin At $1 Million In 8 Years, Here’s Why
ARK Invest CEO Cathie Wood has been a long-time supporter of Bitcoin. The CEO had taken the bold step and become one of the first managers of a public fund to actually support the digital asset openly. ARK Invest had gone on to make some investments related to the cryptocurrency such as buying shares of Coinbase, the first crypto exchange to go public, and holding significant shares in the Grayscale Bitcoin Trust (GBTC). Now, the CEO has once more reiterated her belief in the long-term potential of the digital asset.
Bitcoin Headed To $1 Million
Over the last year, Cathie Wood has had some very bullish stances on bitcoin. This has seen the CEO reveal some very interesting forecasts for the digital asset. In 2021, Cathie Wood said that she believed the price of bitcoin was going to hit $500,000 in five years. This was when the bull run was in full swing and the digital asset had actually already hit multiple new all-time highs.
Despite the decline in the price of the digital asset since that time, the CEO is back once more to reiterate her bullish stance on the cryptocurrency. Speaking on the “What Bitcoin Did” podcast, Wood presented her bullish case for the digital asset once more.
According to the ARK Invest CEO, she believes that the bitcoin price will reach $1 million in 2030. Now, this is not the first time that Wood would be giving this exact forecast. Speaking at the Bitcoin 2022 conference in Miami earlier this year, Wood had given this exact same prediction. She explained that this is because institutions were starting to move into the market, which would give it the push it needed to beat such prices.
BTC recovers to mid-$19,000s | Source: BTCUSD on TradingView.com
Major Reasons For This
In the past, Wood has said that her firm believes that the entrance of institutional investors into bitcoin would be the main driving force behind its price. Back then, Wood explained that even if just 5% of institutional money were to move into the digital asset, it would surpass the $500,000 level, which she believes would happen by 2030.
Another reason given for this is the protection that bitcoin provides to investors. Over the years, there have been impacts on accumulated wealth on the part of investors due to the increase in inflation. Wood says bitcoin has become an insurance policy for investors worldwide, which is why she believes it is going to 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’m explaining it like that I ask everyone to listen to each of those words, each one 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 the growing power of bitcoin. The CEO explained that the price target is from the research arm of ARK Invest which has taken many factors into account before coming up with this number.
Featured image from Barron's, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…