ARK Invest CEO Cathie Wood remains steadfast in her bullish outlook on Bitcoin (BTC), emphasizing that the leading digital asset still has significant room for growth. In a recent interview on CNBC Television, Wood expressed her belief that Bitcoin has not yet reached its peak, attributing this potential for further growth to a combination of diminishing supply and increasing interest from institutional investors.
Wood has set ambitious price targets for Bitcoin, projecting a base-case price range of $700,000 to $750,000 by 2030, with a bull case target of approximately $1.5 million. Achieving Wood’s base-case price target would represent a substantial 573% increase from current levels.
“Our analyst and our on-chain analyst recently published a piece outlining the building blocks for Bitcoin’s growth potential. Factors such as the potential transfer of market share from gold, the entry of institutions – who are only just beginning to explore this asset class, limited future coin minting, and emerging market use cases all contribute to our belief that Bitcoin still has a long way to go,” Wood explained.
In January, ARK Invest introduced its ARK 21Shares Bitcoin ETF (ARKB), an exchange-traded fund based on BTC. Data from Bitcoin Treasuries indicates that ARK currently holds 48,363 Bitcoin valued at approximately $5 billion.
As of the time of writing, Bitcoin is trading at $103,970, reflecting a 9.9% increase over the past seven days.
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Image Credit: Midjourney.