Bitcoin Predicted to Surge to $1.5M by 2030, Says Cathie Wood of Ark Invest

By: Isha Das

Ark Invest CEO Cathie Wood has forecasted that Bitcoin (BTC) could reach $1.5 million by 2030 in a bullish scenario during a recent CNBC interview. This assertion was voiced following the first trade day of spot Bitcoin ETFs, approved by the SEC on Jan. 10, marking a significant advancement towards Bitcoin's mainstream acceptance.

This SEC approval bolsters the probability of Bitcoin's bullish case and its widespread acceptance, according to Wood. She also presented a more reserved prediction, with a base target price of approximately $600,000 by 2030. That would correspond to a market cap exceeding $10 trillion. Currently, Bitcoin's market cap stands at just under $1 trillion, with supporters anticipating a 10x growth within the impending decade, matching gold's $12 trillion market cap in a conservative scenario.

The prediction stems from Bitcoin's role as a hedge against direct and indirect forms of wealth confiscation. Bitcoin's recent response to the U.S. regional banking crisis serves as a proof of its strength and resilience, according to Wood. During this period, Bitcoin saw a notable surge from $19,000 to $30,000, interpreted as a clear declaration of investor confidence in Bitcoin as a secure asset. Bitcoin's inherent resistance to inflation and its potential as a counterparty risk hedge in deflationary scenarios make it a versatile financial tool.