Cathie Wood of Ark Investment Management said that she feels bitcoin – the world’s number one digital currency by market capitalization – could wind up hitting a price of $1.5 million by the year 2030.
Cathie Wood Is Predicting Big Things for BTC
This is a tad different from the comments she made in early January of this year. During that time, Wood was confident that bitcoin would only reach a price of $1 million by the year 2030. Now, it looks like she’s upping the ante by as much as half a million dollars. Clearly, she thinks big things will happen for BTC in the coming months and years.
A $1.5 million price would be an increase of more than 6,000 percent from where it is now. This is arguably a bull-case scenario, as its base case sees the currency only reaching about $682,000. As of this writing, the currency is trading for about $23,000, a near $7,000 hike over just the past few weeks alone.
In a new report, Cathie Wood and Ark Invest stated the following about bitcoin and discussed how the currency has strengthened in recent years:
Contagion caused by centralized counterparties has elevated bitcoin’s value propositions: decentralization, auditability, and transparency. Its network fundamentals have strengthened, and its holder base has become more long-term focused.
One of the big reasons behind bitcoin’s crash of late 2022 was the fall of FTX, the once golden child of the digital currency arena. The exchange – which first rose to prominence in 2019 – became one of the world’s largest digital currency exchanges in 2022, only three years after it opened its doors for business, and its chief executive and founder – Sam Bankman-Fried – was lauded as a genius by many.
Sadly, the company has collapsed in a heap of bankruptcy and fraud, and SBF is now awaiting trial at his parents’ California home following his arrest in the Bahamas, where FTX is based.
Wood believes that at the end of the day, this is going to potentially help bitcoin in that FTX – along with many other major players – have been forced out. She says that with cheaters and liars out of the mix, BTC now has a chance to revamp itself in people’s eyes and come out shiny and new at the end of the tunnel. She said:
We think bitcoin is coming out of this smelling like a rose.
From the Worst of Times to the Best of Times?
2022 was easily the worst year for bitcoin on record. The asset had reached a new all-time high of about $68,000 per unit in 2021, though roughly 12 months later, the currency had lost more than 70 percent of its value and was trading in the mid-$16,000 range at year’s end.
The crypto space also wound up losing more than $2 trillion in valuation.
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