Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hit $1M By 2030
Cathie Wood reiterated her positive outlook on bitcoin this week at the Bitcoin 2022 conference in Miami, Florida.
The CEO of Ark Invest predicts that the crypto will reach $1 million by 2030 in a presentation, Thursday.
“We believe bitcoin is just getting started,” she told CNBC. “Institutions are only now catching up on BTC adoption,” she explains.
Over the past few weeks, BTC prices have fallen below $43,000 on many occasions and subsequently failed to make meaningful gains.
The world’s top digital currency fell to $42,534.90, down 8.1% in the past seven days, coinecko show data, Saturday.
Wood relayed the high-level forecast from her company’s Big Ideas 2022 report during her performance in Miami. This contained the cryptocurrency’s high price target.
The vaunted Bitcoin price target
“Bitcoin’s price target for 2030 is more than $1 million per bitcoin,” Wood said.
Bitcoin 2022 Miami is the world’s largest gathering of crypto intellectuals and entrepreneurs. Held April 6-9 at the Miami Beach Convention Center, it has already attracted more than 35,000 attendees and more than 7 million live stream viewers from around the world.
According to Wood, bitcoin is the world’s first open-source, private digital, rules-based money system.
“It’s a pretty big idea,” the investor stated at her “The Future is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another crypto proponent.
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BTC total market cap at $805.70 billion on the weekly chart | Source: TradingView.com
Hedge vs Inflation
Wood, 66, referred to the world’s most valuable cryptocurrency as an “anti-inflation hedge strategy.”
However, she failed to note that the digital asset has fallen in value by 27% in the past year, while inflation has risen.
Consumer prices have risen by about 8% in the 12 months to February of this year. Wood’s projection would mean a 25-fold gain in BTC’s recent price of $38,094.
Wood noted that 70% of crypto investors are holding their positions for the long term, representing about 13.6 million units of the cryptocurrency’s more than 20 million units.
The best has yet to come?
In addition, she noted that bitcoin, with a market cap of $830 billion, has seen a tenfold increase in liquidity. “That’s just a taste of things to come,” she noted.
As the market valuation passed the $1 trillion milestone in 2021, Ark’s analysis suggested that the cryptocurrency’s network fundamentals “remained healthy,” Ark analyst Yassine Elmandjra revealed in a recent report.
Meanwhile, institutional investors are increasing their exposure to BTC, according to Elmandjra.
Following the launch of more regulated instruments and adoption by companies and nation-states, Bitcoin’s institutional holder base appears to be expanding, she added.
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Featured image from Forbes, chart of TradingView.com