In an exclusive interview with Benzinga in late August 2023, Cathie Wood highlighted that the Bitcoin (CRYPTO: BTC) market in 2030 would reach around $25 trillion.
Prices and market cap since then have surged 70% each, with the market cap currently at $856.8 billion.
What Happened: Bitcoin in today’s late trade breached the $44,000 mark for a brief period. The price saw a 4.5% rise in today’s trade taking the 30-day gains to 25% while the past year had seen a 159% surge.
In the interview, Wood added she continued being a Bitcoin believer stating it is the first global, government oversight, digital rules-based monetary system the world has ever known.
“If institutions need to move into Bitcoin investment then that’s going to be a lot of incremental demand for not that much more incremental supplies. So, the only way to achieve that would be to bid the price up,” she said.
“For five to seven-year Bitcoin forecast, in the base case would be $650,000.”
She believed institutions would be a big part of it. “This is a new asset class, with very low correlations with any other asset class except that extremes in all markets the correlations go to 1.”
Watch Cathie Wood’s recent interview on “The Raz Report.”
Why It Matters: Wood said she remained optimistic Bitcoin could trade somewhere between $1 million and $1.5 million, citing the rally has just started.
“Last year, a lot of people thought that the bankruptcy of FTX, Celsius and Three Arrows was going to be the end of Bitcoin. And quite the opposite happened,” Wood said.
Wood’s firm, Ark Invest, is also a contender for the spot Bitcoin ETF applications in collaboration with 21Shares.
When asked which asset of the three — Bitcoin, cash and gold — she would choose to hold for 10 years, Wood said, “Bitcoin, hands down. Bitcoin is a hedge against both inflation and deflation because there’s no counterparty risk, and institutions are barely involved … It’s digital gold.”
Ark Invest BTC Exposure: In the last week of November, Wood was decreasing her Bitcoin exposure while publicly maintaining a bullish outlook on the leading cryptocurrency. ETF Trading data indicated that she had been secretly offloading more than 700,000 shares of Bitcoin Grayscale Trust through her Ark ETF.
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