- Cathie Wood of ARKinvest predicts Bitcoin could reach USD $600k as a base case and USD $1.5 million in a bull case by 2030.
- The view is bolstered by the SEC’s approval of Spot Bitcoin ETFs and BTC’s status as the first global, rules-based digital monetary system.
- Wood criticised SEC Chair Gary Gensler for his remarks downplaying the SEC’s endorsement of Bitcoin and crypto.
Wood’s Bitcoin Prognosis
Cathie Wood, founder, CEO and CIO of ARKinvest, is known for her bullish stance on Bitcoin; now she has revealed her 2030 targets, both bearish and bullish for the number one crypto. In an interview with CNBC’s Andrew Sorkin, Wood re-iterated her past bullish remarks on BTC, saying it could go to USD $600k (AUD $894k), or even USD $1.5 million (AUD $2.24 million) by 2030.
“Bitcoin at $600,000 by 2030 is my base case, and the bull case is $1.5MM”
Cathie Wood
“Bitcoin at $600,000 by 2030 is my base case, and the bull case is $1.5MM”
Wood said the SEC approval of the Spot Bitcoin ETFs is a green light for the bull case of Bitcoin. She added that Bitcoin is the first global monetary system in history, rules based and digital.
“It is a very big idea.”
Despite the fact that Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), voted in favour of the Spot Bitcoin ETF approval, which got the vote across the finishing line, he still didn’t manage to please Wood. In a statement released shortly after the approval, Gensler said that the approval did not mean that the SEC endorses Bitcoin or crypto. Gensler essentially acknowledged that the Commission’s vote in favour was largely influenced by a court mandate.
Cathie Wood was not happy with Gensler’s remarks and spoke about it in a Bloomberg interview, saying the chair ‘denigrated’ crypto.
“He just denigrated the whole crypto space. I couldn’t believe it. This is par for the course in disruptive innovation.”
Cathie Wood
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