Bitcoin recently soared to a record high of over $90,000, yet Cathie Wood, CEO of ARK Invest, believes the cryptocurrency has significant growth ahead. Speaking on CNBC’s Squawk Box on November 15, Wood highlighted Bitcoin’s ongoing potential despite its remarkable rise.
“We were the first public asset manager to invest in Bitcoin back in 2015 at $250,” she said. “Even now at $90,000, we think Bitcoin still has a long way to go.”
Regulatory Relief and Institutional Adoption
Wood emphasized that Bitcoin’s momentum could accelerate with “regulatory relief” from the current US administration. She explained that Bitcoin is being recognized not only as a global monetary system but also as a unique asset class.
“Institutions and asset allocators are starting to see Bitcoin as distinct from their other investments,” she said. “This differentiation means they are increasingly including it in their portfolios.”
Bold Predictions for Bitcoin’s Future
Wood reiterated her ambitious price projections for Bitcoin, stating:
- Base Case (2030): $650,000 per Bitcoin
- Bull Case (2030): Between $1 million and $1.5 million
These targets reflect Wood’s confidence in Bitcoin’s long-term value, driven by adoption and limited supply.
Bitcoin’s Recent Performance
Bitcoin reached an all-time high of $93,477 on November 13, according to CoinGecko. After a brief pullback, the cryptocurrency rebounded above $90,000 during early trading on November 18.
On November 16, Wood noted that Bitcoin’s growth is supported by solid on-chain data. She pointed out that following Bitcoin’s April halving event, its supply growth fell to 0.9%, making it lower than gold’s long-term supply growth for the first time.
A Broader Vision for Innovation
In a video posted on X (formerly Twitter) on November 11, Wood discussed the broader economic impact of regulatory changes. She suggested that “defanging” regulatory bodies like the SEC, alongside fostering innovation in artificial intelligence and digital assets, could “turbocharge the US economy.”
