2023-7-19 00:50 |
ARK Invest CEO Cathie Wood has updated her lofty Bitcoin price forecast. Wood now thinks the premier is going to $1.5 million by 2030. That’s under its bull-case scenario, while its base case sees BTC hitting $625,000 by that time.
Cathie Wood Says Her Confidence In BTC Racing Toward $1.5 Million Has RisenCathie Wood of Ark Invest — known for her previously controversial $1 million price target for Bitcoin— has just upped the ante.
Wood highlighted her firm’s internal analysis during her latest interview with Bloomberg to explain her bullish outlook. “Our bull case, I think it’s $1,500,000 per coin, the best case is $625,000 (something like that),” the asset management titan posited.
As far as why her confidence in Bitcoin has increased, her reasoning boils down to this: the U.S. banking system turmoil that happened in March reinforced the flagship crypto’s long-term outlook to the upside. For Wood, Bitcoin acts as a great hedge against counterparty risk.
“Bitcoin is an insurance policy. We won’t have another ’08-’09 crisis with Bitcoin. It’s decentralized and transparent,” she opined.
Wood has made no secret of her ultra-bullish stance. She made her first bold prediction in early 2021, forecasting that BTC would reach $500,000 by 2026, owing to the fact that more institutional investors would be moving into the digital asset. Early last year, she ratcheted up her prediction to $1 million per coin by 2030. At the time, ARK based its long-term call on the argument that the top crypto had the potential to “usurp 50% of gold’s role”.
ARK Invest offers several actively managed exchange-traded funds and holds $15 billion in assets under management. It’s hoping to roll out a spot Bitcoin ETF product in the near future.
Is Wood’s $1.5 Million Target Realistic Or Outlandish?In this scenario, the market capitalization of Bitcoin — already the biggest token — would balloon to around $30 trillion from about $578 billion today, according to CoinGecko. For comparison, the total value of the physical gold supply in the world is estimated to be around $12 trillion. This means that Bitcoin would be roughly 2.5 times more valuable than the entire gold market.
For now, BTC is trading hands at $29,753 after rallying to a new 13-month high of $31,800 on Thursday in the wake of the favorable court ruling for Ripple’s XRP. The crypto is still 56.91% down from its all-time high of $69,044 recorded in November 2021.
It’s hard to say whether or not Wood’s pie-in-the-sky figure of $1.5 million can be considered well justified. Nonetheless, even a $1 million price target seems to be a bit too rosy for BTC bulls. That would indicate a market capitalization of circa $22 trillion, which is nearly 10x the current market value of Apple.
Time will tell whether Wood’s $1.5 million price prediction comes to fruition.
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