Monday, December 2, 2024
10 C
London

Cathie Wood Bullish on Bitcoin, Predicts $1.5 Million Price Target By 2030

In a recent interview on CNBC, she reaffirmed her bullish stance on Bitcoin, forecasting that the cryptocurrency could reach as high as $1.5 million by 2030. Wood’s optimistic outlook comes amid increasing institutional interest and anticipated regulatory clarity in the digital asset space.

$1.5 million by 2030

“We have a 2030 target; in our base case, it’s around $650,000, and in our bull case, it’s between $1 million and $1.5 million,” Wood stated. She emphasized that Bitcoin is evolving beyond a global monetary system to become a new asset class altogether. “Institutions and asset allocators are saying, ‘Wait a minute, this asset is behaving differently from all of our other assets; we need to include it.’ So I think that’s the next big move,” she added.

ARK Investment was one of the earliest public asset managers to gain exposure to Bitcoin, investing in the cryptocurrency when it was priced at just $250 in 2015. Wood noted that despite Bitcoin’s significant appreciation since then, currently trading around $90,000, she believes there is substantial room for growth. “We still think we have a long way to go,” she said.

Source: ARK

One of the key factors driving Wood’s optimism is the potential for regulatory relief under the current U.S. administration. “We’re getting regulatory relief here, and I think that’s one of the most important things coming out of this administration,” she explained. “We will get regulatory relief on all kinds of innovation, including healthcare.” The anticipation is that clearer regulations will reduce uncertainty and encourage more institutional participation in the cryptocurrency market.

Wood also highlighted the macroeconomic environment as a catalyst for Bitcoin’s ascent. With inflation rates stabilizing, she suggested that Bitcoin could see a “nice big move” as investors seek assets that behave differently from traditional equities and bonds. “In years where the Bitcoin halving has occurred and the inflation rate has gone down to 0.9%, it’s usually had a nice big move,” she observed.

Despite criticism and skepticism from some quarters, Wood remains steadfast in her convictions. Addressing a question about a critical article that questioned why anyone should listen to her, she responded confidently: “We have a volatile fund; we should not be a huge slice of any portfolio. We are more of a satellite strategy, although we think this is the way the world is going.”

Hot this week

DMM Bitcoin Ends Operations After Hack, Transfers Funds to SBI VC

Japanese cryptocurrency exchange DMM Bitcoin announced its closure following...

Top 6 Staking Platforms to Generate Passive Income With Crypto in 2025

The crypto space is always evolving and new ways...

AI Sets XRP Price For December 5, 2024

Ripple’s cryptocurrency XRP has managed to witness a massive...

Ripple: New Price Prediction Claims XRP To Hit $18: Here’s When

The current cryptocurrency market momentum has pushed XRP to...

Saylor pitches Bitcoin to Microsoft, Asks to Invest $100B 

Michael Saylor, the Bitcoin enthusiast chair of MicroStrategy, recently...

Topics

DMM Bitcoin Ends Operations After Hack, Transfers Funds to SBI VC

Japanese cryptocurrency exchange DMM Bitcoin announced its closure following...

Top 6 Staking Platforms to Generate Passive Income With Crypto in 2025

The crypto space is always evolving and new ways...

AI Sets XRP Price For December 5, 2024

Ripple’s cryptocurrency XRP has managed to witness a massive...

Ripple: New Price Prediction Claims XRP To Hit $18: Here’s When

The current cryptocurrency market momentum has pushed XRP to...

Saylor pitches Bitcoin to Microsoft, Asks to Invest $100B 

Michael Saylor, the Bitcoin enthusiast chair of MicroStrategy, recently...

Ripple XRP Breaches $2 For The First Time In 7 Years: $3 Next?

Ripple’s XRP token has breached the $2 mark for...

Cardano Breaks Through $1.05: What’s Next for ADA?

Amid what has been a legendary bull rally for...
spot_img

Related Articles

Popular Categories

spot_imgspot_img