Bitcoin may have recently achieved a new all-time high above $90,000; however, Cathie Wood of ARK Invest claims it still has a “long way to go.”
In an interview with CNBC’s Squawk Box on Nov. 15, she emphasized that Ark was the first public asset manager to acquire exposure to Bitcoin in 2015 at $250. “We still believe we have a long way to go at $90,000,” she stated.
Wood predicted that the new United States administration would be instrumental in maintaining momentum through “regulatory relief.”
She stated that Bitcoin is currently being perceived as a novel asset class. Institutions and asset allocators recognize that this asset is operating differently from all of their other assets and are, therefore, incorporating it.
Wood also reiterated her price forecast for the subsequent five years:
“We have a 2030 target in our base case, it’s around $650,000, in our bull case, it’s between $1 million and $1.5 million.”
According to CoinGecko, the price of bitcoin reached an all-time peak of $93,477 on Nov. 13. It has yet to achieve price discovery above this level and experienced a modest decline a few days following the peak. However, it regained its previous high of $90,000 during early trading on Nov. 18.
Wood stated on Nov. 16 that the bull market in Bitcoin is in excellent shape, citing onchain analytics and analysis. He then proceeded to elaborate:
“After its halving in April, growth in the supply of Bitcoin dropped to 0.9%, below the long-term growth in the supply of gold for the first time!”
According to Wood, the United States economy is “likely” to be “turbocharged” by the combination of technologically enabled innovation in artificial intelligence, digital assets, and other fields, as well as the “defanging” of finance regulators like the Securities and Exchange Commission, in a video posted on X on Nov. 11.
