Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030

Christian Encila

1 year ago

2 mins read

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Cathie Wood repeated her positive view on bitcoin this week at the Bitcoin 2022 conference in Miami, Florida.

The Ark Invest chief executive forecasts the crypto will reach $1 million by 2030 in a presentation, Thursday.

“We believe bitcoin has only just begun,” she told CNBC. “Institutions are only now catching up to individuals in terms of BTC adoption,” she explained.

In recent weeks, BTC prices have fallen below $43,000 on many occasions and subsequently failed to make meaningful gains.

The world’s top digital currency dropped to $42,534.90, down 8.1% in the last seven days, Coingecko data show, Saturday.

Wood relayed the high-level prognosis from her company’s Big Ideas 2022 report during her Miami appearance. This contained the cryptocurrency’s lofty price target.

The Vaunted Bitcoin Price Goal

“Bitcoin’s price target for 2030 is greater than a million dollars per bitcoin,” Wood stated.

Bitcoin 2022 Miami is the world’s largest gathering of crypto intellectuals and entrepreneurs. It is being held from April 6 to 9 at the Miami Beach Convention Center and has already attracted more than 35,000 registrants and over 7 million livestream watchers from around the world.

According to Wood, bitcoin is the world’s first open-source, private digital rules-based monetary system.

“It’s a pretty big notion,” the investor stated during her “The Future is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another major crypto proponent.

BTC total market cap at $805.70 billion on the weekly chart | Source: TradingView.com

Hedge Vs. Inflation

Wood, 66, referred to the world’s most valuable cryptocurrency as a “hedge strategy against inflation.”

She omitted, however, to note that the digital asset has fallen 27% in value over the last year, while inflation has soared.

Consumer prices increased by about 8% in the 12 months to February of this year. Wood’s projection would imply a 25-fold gain in BTC’s recent price of $38,094.

Wood noted that 70% of crypto investors keep their positions for the long term, which equates to approximately 13.6 million units out of over 20 million units of the cryptocurrency.

The Best Is Yet To Come?

Additionally, she noted that bitcoin, with a market capitalization of $830 billion, has seen a tenfold increase in liquidity. “That is only a preview of what is to come,” she remarked.

While its market valuation surpassed the $1 trillion milestone in 2021, Ark’s analysis suggested that the cryptocurrency’s network fundamentals “remained healthy,” Ark analyst Yassine Elmandjra disclosed in a recent report.

Meanwhile, institutional investors are increasing their exposure to BTC, according to Elmandjra.

After the launch of more regulated instruments and adoption by enterprises and nation-states, Bitcoin’s institutional holder base appears to be expanding, she added.

Suggested Reading | BTC Retakes Robust Position As Price Nears $45,000

Featured image from Forbes, chart from TradingView.com

Bitcoinist @ Bitcoin 2022 Miami

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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