ARK Invest CEO Cathie Wood has updated her lofty Bitcoin price forecast. Wood now thinks the premier is going to $1.5 million by 2030. That’s under its bull-case scenario, while its base case sees BTC hitting $625,000 by that time.
Cathie Wood Says Her Confidence In BTC Racing Toward $1.5 Million Has Risen
Cathie Wood of Ark Invest — known for her previously controversial $1 million price target for Bitcoin— has just upped the ante.
Wood highlighted her firm’s internal analysis during her latest interview with Bloomberg to explain her bullish outlook. “Our bull case, I think it’s $1,500,000 per coin, the best case is $625,000 (something like that),” the asset management titan posited.
As far as why her confidence in Bitcoin has increased, her reasoning boils down to this: the U.S. banking system turmoil that happened in March reinforced the flagship crypto’s long-term outlook to the upside. For Wood, Bitcoin acts as a great hedge against counterparty risk.
“Bitcoin is an insurance policy. We won’t have another ’08-’09 crisis with Bitcoin. It’s decentralized and transparent,” she opined.
Wood has made no secret of her ultra-bullish stance. She made her first bold prediction in early 2021, forecasting that BTC would reach $500,000 by 2026, owing to the fact that more institutional investors would be moving into the digital asset. Early last year, she ratcheted up her prediction to $1 million per coin by 2030. At the time, ARK based its long-term call on the argument that the top crypto had the potential to “usurp 50% of gold’s role”.
ARK Invest offers several actively managed exchange-traded funds and holds $15 billion in assets under management. It’s hoping to roll out a spot Bitcoin ETF product in the near future.
Is Wood’s $1.5 Million Target Realistic Or Outlandish?
In this scenario, the market capitalization of Bitcoin — already the biggest token — would balloon to around $30 trillion from about $578 billion today, according to CoinGecko. For comparison, the total value of the physical gold supply in the world is estimated to be around $12 trillion. This means that Bitcoin would be roughly 2.5 times more valuable than the entire gold market.
For now, BTC is trading hands at $29,753 after rallying to a new 13-month high of $31,800 on Thursday in the wake of the favorable court ruling for Ripple’s XRP. The crypto is still 56.91% down from its all-time high of $69,044 recorded in November 2021.
It’s hard to say whether or not Wood’s pie-in-the-sky figure of $1.5 million can be considered well justified. Nonetheless, even a $1 million price target seems to be a bit too rosy for BTC bulls. That would indicate a market capitalization of circa $22 trillion, which is nearly 10x the current market value of Apple.
Time will tell whether Wood’s $1.5 million price prediction comes to fruition.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://zycrypto.com/cathie-wood-strongly-believes-bitcoin-price-is-going-to-1-5-million-if-this-scenario-unfolds/
- :has
- :is
- :not
- $1 million
- $UP
- 000
- 1
- 2021
- 2030
- 500
- a
- About
- According
- actively
- acts
- After
- against
- already
- an
- analysis
- and
- Another
- Apple
- argument
- Ark
- ark invest
- around
- AS
- asset
- asset management
- Assets
- At
- Banking
- banking system
- banner
- base
- based
- BE
- believes
- BEST
- Biggest
- Billion
- Bit
- Bitcoin
- Bitcoin ETF
- Bitcoin Price
- Bitcoin price prediction
- bold
- BTC
- bull
- Bullish
- Bulls
- by
- call
- CAN
- capitalization
- case
- cathie wood
- ceo
- circa
- Coin
- CoinGecko
- comes
- comparison
- confidence
- considered
- content
- Counterparty
- Court
- crisis
- crypto
- Current
- decentralized
- digital
- Digital Asset
- doubles
- down
- during
- Early
- Entire
- estimated
- ETF
- Even
- exchange-traded
- Explain
- fact
- far
- Figure
- First
- flagship
- For
- Forecast
- from
- fruition
- funds
- future
- going
- Gold
- great
- had
- Hands
- happened
- Hard
- Have
- hedge
- her
- High
- Highlighted
- hitting
- holds
- hoping
- HTTPS
- i
- if
- image
- in
- increased
- indicate
- Institutional
- institutional investors
- insurance
- internal
- into
- Invest
- Investors
- ITS
- jpg
- just
- known
- Last
- Last Year
- latest
- like
- lofty
- long-term
- Long-term Outlook
- made
- managed
- management
- March
- Market
- Market Capitalization
- market value
- max-width
- means
- million
- more
- moving
- Near
- nearly
- New
- no
- November
- November 2021
- now
- of
- Offers
- on
- or
- out
- Outlook
- per
- physical
- plato
- Plato Data Intelligence
- PlatoData
- policy
- potential
- prediction
- premier
- previously
- price
- price forecast
- Price Prediction
- Product
- racing
- reach
- realistic
- recorded
- Risk
- Rosy
- roughly
- ruling
- s
- say
- says
- scenario
- Secret
- seems
- sees
- several
- she
- something
- Spot
- Spot Bitcoin Etf
- Still
- strongly
- supply
- system
- Target
- tell
- than
- that
- The
- the world
- think
- Thinks
- this
- thursday
- time
- times
- titan
- to
- today
- token
- too
- top
- Total
- toward
- Trading
- transparent
- Trillion
- u.s.
- under
- updated
- Upside
- Valuable
- value
- Wake
- we
- WELL
- whether
- which
- while
- why
- will
- with
- wood
- world
- would
- year
- zephyrnet