Bitcoin to Hit $1.5 Million by 2030, Says ARK’s Cathie Wood
The post Bitcoin to Hit $1.5 Million by 2030, Says ARK’s Cathie Wood appeared on BitcoinEthereumNews.com.
Cathie Wood, the CEO of Ark Invest, has shared an epic Bitcoin price prediction. She reaffirmed her optimistic outlook on Bitcoin, predicting a base price of $650,000 by 2030, with the possibility of reaching as high as $1.5 million under more favorable circumstances. Wood, a prominent advocate for Bitcoin who began investing in the cryptocurrency in 2015, attributes her confidence to two primary factors driving its growth. In an interview with CNBC on Friday, she emphasized that increasing regulatory clarity is a crucial development that could bolster the cryptocurrency market, easing concerns and paving the way for broader adoption. Related She also pointed out the growing interest from institutional investors, who are beginning to appreciate Bitcoin’s unique attributes compared to traditional assets. This distinction, according to Wood, is strengthening Bitcoin’s position as a valuable asset class and an essential tool for portfolio diversification. Bitcoin outpaces historical averages in November According to data provided by ARK Invest, Bitcoin’s price as of Nov. 13, 2024, was 1.33 times higher than its previous cycle peak of $67,589 on Nov. 8, 2021. Notably, Bitcoin’s maximum drawdown during the 2022 bear market was 76.9%, which is a smaller decline compared to previous cycle drops of 86.3% in 2018, 85.1% in 2015 and 93.5% in 2011. Based on @dpuellARK’s on-chain analytics and analysis, the bull market in bitcoin is in good shape. After its halving in April, growth in the supply of bitcoin dropped to 0.9%, below the long term growth in the supply of gold for the first time! https://t.co/RHi21HKukV — Cathie Wood (@CathieDWood) November 15, 2024 Since the last cycle low, Bitcoin’s price has increased 5.72 times, closely mirroring the 5.18x and 5.93x growth seen at equivalent points in the 2015-2018 and 2018-2022 cycles, respectively. If Bitcoin continues to follow the average trajectory of these two…
Filed under: News - @ November 16, 2024 10:24 pm