ARK Invest CEO Cathie Wood is staying committed to her bullish outlook on Bitcoin (BTC), saying that the top digital asset still has much further to climb.
In a new interview on CNBC Television, Wood says Bitcoin has “miles to go” before it peaks due to a combination of dwindling supply and rising interest from institutions.
[adinserter block="1"]According to Wood, her base-case price target of the flagship digital asset in 2030 is between $700,000 and $750,000, while her bull case target is around $1.5 million. A rise to Wood’s base-case price would represent about a 573% increase from current levels.
“Our analyst and our on-chain analyst put [out a] piece recently, and you can see the building blocks, how much share we expect Bitcoin to either take from gold or grow that store-of-value market, institutions moving in – and they’ve barely moved in, we have a million more coins, roughly, to be minted ever, and institutions are just testing the waters right now – and then there’s the emerging market use cases as well.
So we think we have miles to go.”
Last January, ARK Invest launched its ARK 21Shares Bitcoin ETF (ARKB), a BTC-based exchange-traded fund (ETF). Data from Bitcoin Treasuries shows that ARK currently holds 48,363 Bitcoin worth about $5 billion.
Bitcoin is trading for $103,970 at time of writing, up 9.9% in the last seven days.
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