Cathie Wood is the CEO of ARK Invest and has been a strong supporter for Bitcoin since its inception. He was the first to openly support Bitcoin as a manager for a public fund. ARK Invest made some investments in cryptocurrency, including buying shares in Coinbase (the first public crypto exchange) and significant stakes at the Grayscale Bitcoin Trust. The CEO reiterated her faith in the future potential of this digital asset.
Bitcoin Heading To $1Million
Cathie wood has taken some bullish positions on bitcoin over the past 12 months. The CEO has made some interesting predictions for bitcoin. Cathie Wood stated that bitcoin’s price would reach $500,000 by 2021. This was the height of the bitcoin bull run, and it was already at multiple highs.
The CEO has returned to the podcast, despite the decrease in price for the digital asset. Speaking on the “What Bitcoin Did” podcast, Wood presented her bullish case for the digital asset once more.
According to ARK Invest CEO, the Bitcoin price is expected to reach $1,000,000 in 2030. Wood is giving the exact same forecast again. Wood made the exact same prediction at the Bitcoin 2022 conference held in Miami this year. Wood explained that it was because institutional investors were beginning to enter the market. This would provide the boost it needed in order to beat these prices.
BTC recovering to mid-$19,000s | Source: BTCUSD on TradingView.com
There are a few reasons why this is important
Wood previously stated in the past that she believes the primary driver of bitcoin’s rise would come from institutional investors. Wood said that even if 5% institutional money moved into bitcoin, the price would rise to $500,000 by 2030.
Bitcoin’s protection for investors is another reason. Inflation has caused a decline in wealth accumulation over time. Wood believes that bitcoin is becoming an insurance policy for all investors, and is therefore going to be worth a million bucks.
“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 isn’t the only person at ARK Invest convinced about the rising power of Bitcoin. According to the CEO, the price target was determined by ARK Invest’s research division. This team has considered many factors before arriving at this figure.
Barron's featured image, Chart by TradingView.com
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