Bitcoin recently reached a historic price of $100,000, achieving a $2 trillion market cap in less than 16 years. Yet, ARK Invest CEO Cathie Wood believes this is just the beginning for the leading cryptocurrency, comparing its potential to the much larger gold market.
A Historic Milestone in Record Time
Bitcoin’s $2 trillion valuation is a landmark achievement, particularly when compared to other major companies. Amazon and Apple took 29 and 42 years, respectively, to reach the same valuation, whereas Bitcoin did so in under 16 years since its first transaction in 2009.
Currently priced at $102,750, Bitcoin accounts for 52.6% of the total crypto market cap, which now stands at $3.9 trillion, according to CoinGecko.
Cathie Wood on Bitcoin’s Future
Cathie Wood, a long-time Bitcoin advocate and the CEO of ARK Invest, remains bullish despite Bitcoin’s meteoric rise. She highlighted its untapped potential in comparison to gold, which holds a $15 trillion market value at $2,700 per ounce.
“Bitcoin is a much bigger idea than gold,” Wood remarked, referencing Federal Reserve Chair Jerome Powell’s recent comment labeling Bitcoin as a “digital version of gold.”
Wood also celebrated pro-crypto developments in the United States, including President-elect Donald Trump’s nomination of Paul Atkins to lead the SEC, replacing the outgoing Gary Gensler. She sees these moves as further validation of Bitcoin’s legitimacy and growth potential.
In March, ARK Invest predicted Bitcoin could hit $1 million by 2030, underscoring the firm’s confidence in the cryptocurrency’s long-term prospects.
Key Comparisons and Market Context
- Gold vs. Bitcoin: Gold remains a $15 trillion market, but Bitcoin, with a $2 trillion valuation, has significant room to grow.
- Market Leaders: Bitcoin’s market cap is now the second-largest after gold, surpassing most other assets.
- Crypto Market Share: Bitcoin dominates with over half of the total crypto market cap at 52.6%.
Institutional Adoption Driving Legitimacy
Bitcoin’s rise is being propelled by increasing institutional support, according to Tranchess co-founder Danny Chong.
“The involvement of financial giants like BlackRock, Fidelity, and Grayscale, alongside the emergence of Bitcoin ETFs in 2024, has legitimized Bitcoin as an asset class,” Chong stated. He added that the $100,000 milestone isn’t just about price but reflects Bitcoin’s growing mainstream acceptance.
