ARK Invest CEO Cathie Wood says that Bitcoin (BTC) remains on track to hit a price target of at least $700,000 within years.
In a new interview on CNBC’s Squawk Box, Wood says ARK continues to predict Bitcoin will increase at least 580% of its current value by 2030.
“We have always had a 2030 target, the base case in the $700,000 to $750,000 range, the bull case in the $1.5 million range.”
Wood says there are three driving factors behind the massive Bitcoin price prediction.
“David Puell, our analyst and our on-chain analyst, put that piece out recently, and you can see the building blocks, how much share we expect Bitcoin to either take from gold or grow that store-of-value market, institutions moving in – and they’ve barely moved in, we have a million more coins, roughly, to be minted ever, and institutions have are just testing the waters right now – and then there’s the emerging market use cases as well. So we think we have miles to go.”
Wood also says that the US has been in a recession, but that it will soon come to an end after there’s more clarity around President Trump’s tariff negotiations, opening up the door for massive economic growth, in part driven by advances in artificial intelligence (AI).
“I just put out a letter talking about the rolling recession we’ve been in for the last three years, since the Fed jacked up rates. We got a negative quarter in the first quarter, and potentially in the second quarter as well. And I think more and more people are getting concerned about an extended recession, and amid all the uncertainty, we actually think we’re at the end of this rolling recession, and that we are moving into a period, after all of this uncertainty, of much greater productivity.
And interestingly, if you look at the government sector, we’re seeing unbelievable productivity moves taking place. There’s a video out there between the new head of the FDA (U.S. Food and Drug Administration), and the new head of CDER (Center for Drug Evaluation and Research), and they’re talking about generative AI in reviewing studies, medical trials, that cut work from days to minutes. So there’s a lot of productivity I think evolving in the ecosystem…
I think we’re going to see a lot more productivity driven growth, which means inflation is going to be much lower than expected, which is going to be very capital friendly.”
Bitcoin is trading for $102,811 at time of writing, up 2.4% in the last 24 hours.
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