In a bullish scenario, the leading cryptocurrency could reach a price of $1.5 million by 2030, according to ARK Invest CEO Cathie Wood, speaking on CNBC.
Cathie Wood makes her $1.5 million bull case for the price of bitcoin by 2030. https://t.co/r34iRNA9bG pic.twitter.com/chWWDH7ioE
— CNBC (@CNBC) January 11, 2024
She gave the interview on the first day of trading for spot bitcoin ETFs. On January 10, the U.S. Securities and Exchange Commission (SEC) approved the launch of 11 such products. ARK Invest is among the issuers.
“We believe the probability of the bull case has increased following the SEC’s approval. It’s a green light,” Wood said.
Experts at the firm believe that even in a bearish scenario, the price of digital gold will rise to $258,500. Their conservative estimate is $682,800.
The head of ARK Invest noted that her confidence in bitcoin primarily stems from its role as a safeguard against direct and indirect wealth confiscation.
According to her, the asset demonstrated strength and resilience during the regional banking crisis in the U.S. in the spring of 2023. During that period, bitcoin rose from $19,000 to $30,000. Wood believes this was a sign of investor trust in cryptocurrency as a safe-haven asset.
She also highlighted bitcoin’s limited supply as a decisive factor for its role as a hedge against inflation.
Previously, Wood revealed that she holds a quarter of her personal financial assets in the leading cryptocurrency.
Back in December, JAN3 CEO Samson Mow suggested that bitcoin’s price could soar to $1 million following the SEC’s approval of spot ETFs.