Bitcoin At $1M By 2030: Why Cathie Wood Remains Confident In Bold Bet

Tony "The Bull" Severino

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Following news that Ark Invest has made investments into Grayscale’s heavily discounted Bitcoin fund, CEO Cathie Wood is doubling down on a bold bet that the top cryptocurrency will reach $1M per coin by 2030.

Is such a lofty price prediction realistic, considering the recent collapse of the crypto market? And can Wood’s call be trusted after the ARK Innovation ETF’s decline that is on par with Bitcoin? Here are all the factors behind the $1M per BTC target in less than a decade.

Cathie Wood says Bitcoin will be worth 1 million per coin by 2030 https://t.co/GQFkjlb8vc pic.twitter.com/L8mw8u0SZO

— Bloomberg Wealth (@wealth) November 22, 2022

Cathie Wood: Yes, Bitcoin Will Hit $1M By 2030

In an interview with Bloomberg, Ark Invest CEO Cathie Wood was asked about her past prediction that Bitcoin would make it to a price of $1M per coin by the year 2030. Wood, undeterred by the recent bear market in crypto and equities, recommitted to the bet.

Wood says that the recent fallout from FTX and other top crypto firms only helps to “battle test” the “infrastructure and the thesis” of the first-ever cryptocurrency. She adds that Bitcoin comes out of this “smelling like roses.”

The comment is perhaps in reference to how third parties were heavily at fault in the recent collapse, while the thesis for a decentralized future sans any intermediaries has only been further proven.

While Wood herself isn’t skeptical about Bitcoin, she says the situation may cause institutions to hesitate before entering, but ultimately could be “more comfortable” investing in BTC.

Bitcoin reaching $1M by 2030 would be 6,000% | Source: BTCUSD on TradingView.com

Is 6,000% ROI Within 8 Years Possible From Here?

Take the Ark Invest CEO’s comments with a grain of salt. While her idea that bear markets battle-test Bitcoin and proves the network more resilient and therefore more valuable in each cycle, her picks haven’t been winners as of late.

The ARK Invest Innovation ETF is down roughly 79% from its peak. But Bitcoin is also down 79% from its all-time high set in late 2021 and has bounced back several times from worse drawdowns.

At a price of $1M per BTC, the top crypto asset by market cap would have to climb more than 6,000% from the current bear market low in less than eight years. Bitcoin has grown by nearly 60,000% in the last eight years, so anything is possible — despite being improbable.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.