ARK Invest founder Cathie Wood says Bitcoin (BTC) remains on track to hit a massive price target in about five years.
In a new interview on CNBC Squawk Box, Wood says that ARK Invest believes Bitcoin will reach more than half a million dollars by 2030, an over 600% gain from its current value.
“We have a 2030 target. In our base case, it’s around $650,000. In our bull case, it’s between $1 million and $1.5 million. Now, remember, we were the first public asset manager to gain exposure to Bitcoin in 2015 at $250 and we still at $90,000 I think we have a long way to go.”
Wood says that bullish catalysts for Bitcoin to surge in value include the expected regulatory clarity from the incoming pro-crypto US President Donald Trump as well as increased adoption by traditional finance (TradFi). She also believes a declining inflation rate may lead to big rallies.
“Why? Well, first of all, we’re getting regulatory relief here, and I think that’s one of the most important things coming out of this administration. We will get regulatory relief on all kinds of innovation, including healthcare.
So the other thing is, we’re looking at Bitcoin now being viewed as a new asset class. It’s not just a global monetary system. It’s a new asset class. And what that means is institutions and asset allocators generally 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. ‘
And if you look at years where the Bitcoin has halved and the inflation rate has gone down to 0.9%, it usually had a nice big move.”
Bitcoin is trading for $91,287 at time of writing, up 3.7% in the last 24 hours.
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