As Bitcoin surpasses $90,000, setting a new all-time high, Cathie Wood, founder of ARK Invest, shared her optimistic outlook for the cryptocurrency market. Wood emphasized that Bitcoin still has substantial growth potential, forecasting prices between $650,000 and $1.5 million by 2030 under different scenarios.
Bitcoin’s Momentum and Regulatory Shifts
Speaking on CNBC’s Squawk Box, Wood reflected on her early investment in Bitcoin in 2015 when it was priced at just $250. Despite today’s highs, she believes Bitcoin is still at the beginning of its journey.
According to Wood, one major driver behind Bitcoin’s current momentum is the expected regulatory easing in the United States. She noted:
“Bitcoin is now seen as a new asset class. Institutions and asset managers recognize it behaves differently from all other assets and deserves a place in their portfolios.”
Ambitious Projections for Bitcoin’s Future
Looking ahead to 2030, Wood outlined two scenarios:
- Base case: Bitcoin reaching $650,000.
- Optimistic case: Prices soaring to between $1 million and $1.5 million.
Recent data from CoinGecko shows Bitcoin hitting its all-time high of $93,477 on November 13. Despite a minor correction, the price rebounded above $90,000 on the morning of November 18, demonstrating resilience.
Bitcoin vs. Gold: A Historic Milestone
In her analysis shared on November 16, Wood highlighted a significant development: Bitcoin’s supply growth rate has dropped to 0.9% following the April halving, marking the first time it’s lower than gold’s long-term supply growth. Wood described the ongoing Bitcoin bull market as “built on solid foundations.”
The Role of Technological Innovation
In a video posted to X on November 11, Wood advocated for limiting the powers of regulators like the SEC. She argued that focusing on emerging technologies like artificial intelligence and digital assets could supercharge the U.S. economy, underscoring the broader potential of Bitcoin and blockchain technology.
Conclusion
Cathie Wood’s predictions highlight the transformative potential of Bitcoin as a global financial asset. With the cryptocurrency market gaining institutional support and regulatory clarity, Bitcoin’s path to record-breaking highs appears more solid than ever.
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