Bitcoin Price Target Set Between $650,000 and $1.5 Million by 2030
Cathie Wood, CEO of ARK Invest, continues to express a bullish outlook on Bitcoin, recently reaffirming her optimistic projections for the cryptocurrency.
Following Donald Trump’s election victory over Vice President Kamala Harris and Bitcoin's increase to an all-time high of $93,250, investor sentiment has improved significantly.
Anticipated Regulatory Relief
In a recent interview on CNBC’s Squawk Box, Wood discussed ARK Invest’s price targets for Bitcoin, estimating values between $650,000 and potentially $1 million to $1.5 million by 2030. She linked the current Bitcoin uptrend to expected regulatory relief from Trump's administration.
Trump has committed to making significant changes at the SEC, which has been criticized for its stringent oversight under Gary Gensler. This discontent has led to calls within the digital asset ecosystem for clearer regulations to encourage market growth.
Trump has pledged to remove Gensler on his first day in office, aiming to position the U.S. as the "crypto capital of the world" with supportive policies for digital assets, placing Bitcoin at the forefront of his economic agenda. This message has contributed to a broader market rally, with major digital assets increasing nearly 25% since the election.
Bitcoin As A Unique Asset Class
Wood noted that ARK Invest was the first public asset manager to invest in Bitcoin when it traded at $250 in 2015. She believes Bitcoin, even at around $90,000, retains substantial growth potential.
Wood views Trump’s victory as crucial for establishing a favorable regulatory environment for cryptocurrencies, which she believes is essential for Bitcoin's future. She emphasized that Bitcoin has become a distinct asset class, attracting institutional investors looking to incorporate it into their portfolios as a store of value and inflation hedge.
As of now, Bitcoin is trading around $90,120, reflecting a 16% increase over the past week despite a recent retracement.
Featured image from DALL-E, chart from TradingView.com.