According to Cointelegraph, Bitcoin recently reached a new all-time high, surpassing $90,000. However, ARK Invest's Cathie Wood believes the cryptocurrency still has significant growth potential. In an interview on CNBC's Squawk Box on November 15, Wood highlighted that ARK was the first public asset manager to invest in Bitcoin back in 2015 when it was priced at $250. Despite the current high valuation, she maintains that Bitcoin has a "long way to go."
Wood attributes the ongoing momentum in Bitcoin's value to "regulatory relief," which she considers a crucial development under the new administration. She emphasized that Bitcoin is now being recognized as a new asset class, not just a global monetary system. This recognition is prompting institutions and asset allocators to consider Bitcoin as a distinct asset that behaves differently from traditional investments, leading to its inclusion in diversified portfolios.
Wood reiterated her optimistic price forecast for Bitcoin over the next five years. She stated that ARK Invest's base case target for 2030 is approximately $650,000, while the bull case projects a price range between $1 million and $1.5 million.
Bitcoin's price reached an all-time high of $93,477 on November 13, according to CoinGecko. Although it experienced a slight pullback shortly after, it rebounded to over $90,000 during early trading on November 18. On November 16, Wood noted that on-chain analytics indicate the Bitcoin bull market remains robust. She pointed out that following Bitcoin's halving in April, the growth in its supply decreased to 0.9%, falling below the long-term growth rate of gold for the first time.
In a video posted on November 11, Wood discussed the potential impact of "defanging" financial regulators like the Securities and Exchange Commission. She suggested that this, combined with a focus on technological innovation in areas such as artificial intelligence and digital assets, could significantly boost the US economy.
