Cathie Wood, the lead fund manager at %ARKInvest, predicts that the price of %Bitcoin ($BTC) will reach $1 million U.S. by 2030.
Wood made the prediction in her 2023 “Big Ideas” research report. The ARK Invest paper argues that, despite a turbulent 2022, Bitcoin’s fundamentals remain sound, and it continues to be the biggest cryptocurrency by market capitalization.
“(Bitcoin’s) network fundamentals have strengthened, and its holder base has become more long-term focused,” reads the ARK Invest report.
Wood goes on to point out that Bitcoin now has a higher hash rate, bigger long-term holder supply, and addresses with a non-zero balance compared to prior downturns in the crypto sector.
On a five-year compound annual growth rate (CAGR) basis, Bitcoin has grown an average of 272% while global equities are up by 6.1% and the price of gold has risen 2.2%, points out ARK Invest in the report.
This isn’t the first time that ARK Invest chief executive officer (CEO) Cathie Wood has made a bold prediction about Bitcoin. In May 2021, Wood forecast that Bitcoin will reach $500,000 U.S. by 2026.
ARK’s flagship %InnovationETF ($ARKK) has risen 31% to start the year. However, the fund, whose top holdings include %Block ($SQ), %Coinbase ($COIN) and %Tesla ($TSLA), is still down 48% from a year ago.