- Ark Invest’s CEO, Cathie Wood, predicts Bitcoin’s price will skyrocket to $1 million by 2030, considering its robustness and value as a hedge against inflation and counterparty risk.
- Despite facing regulatory challenges, Wood maintains a bullish outlook on Bitcoin and expresses optimism about Coinbase’s future, anticipating more clarity in digital asset regulations.
Ark Invest’s seasoned investor, Cathie Wood, has been spotlighted in a recent CNBC interview, unfolding her audacious prediction for Bitcoin’s price trajectory in the next decade. She conjectures that Bitcoin, the pioneering cryptocurrency, could potentially soar to an astonishing $1 million by 2030, considering its base price currently around $600,000.
Regardless of the escalating regulatory hurdles and lawsuits plaguing crypto platforms in the United States, Wood’s bullish stance on Bitcoin remains unwavering. She upholds Bitcoin as an effective safeguard against inflation and counterparty risk, underscoring its distinct characteristics. In her viewpoint, Bitcoin’s inception embodies a monumental idea – the genesis of the “first global, private, no government oversight, digital, rule-based monetary system.”
Wood’s audacious price projections for Bitcoin are not unprecedented. She forecasted, in a Bloomberg interview in May 2021, that Bitcoin would soar to $500,000 by 2026. This prediction underwent an upward revision in early 2022, with Wood setting the benchmark at a staggering $1 million by 2030. The source of her steadfast confidence? Bitcoin’s proven resilience in the face of financial adversities, as evidenced in recent banking instabilities where Bitcoin’s price stood firm, serving as a “flight to safety,” in Wood’s words.
Shifting her focus to Coinbase, the preeminent cryptocurrency exchange in the United States, Wood exudes bullish sentiments. Amid the ongoing legal adversities encircling Coinbase and Binance exchange, precipitated by U.S. SEC’s rigorous crypto crackdowns, Wood distinguishes between the two, insisting these crypto titans do not fall under the same bracket. Furthermore, her sanguine perspective on COIN’s stock price is manifest in her recent equity purchases.
As Congress deliberates proposals and bills to legitimize cryptocurrencies, including stablecoins, Wood sees this development as a positive stride towards establishing a regulatory framework. She confidently opines, “We now have the Judicial system and the Legislative system getting involved in this topic, and I think it’s great.” She anticipates that these developments will foster regulatory clarity on digital assets and carve pathways for businesses to register with pertinent authorities.
