Cathie Wood Says Bitcoin Is on Track to Reach $650,000 by 2030

Donald Trump’s victory has increased bets on potential pro-crypto policies in the US. This has led to optimism in the Bitcoin and altcoin market.

Bitcoin price soared to record highs above $93,000 on Friday as optimism over potential pro-cryptocurrency policies in the United States boosted the broader market.

The victory of Donald Trump in the presidential election has led to anticipation of a favorable regulatory path for the crypto market, which is expected to benefit the broader sector.

In this backdrop, ARK Invest founder Cathie Wood said Bitcoin is set to reach a major price target in about five years.

ARK Invest’s 2030 targets for Bitcoin

Bitcoin, the world’s leading cryptocurrency, is now attempting to cement its position above $90,000. In a new interview with CNBC Squawk Box, Wood said ARK Invest sees Bitcoin hitting over half a million dollars by 2030, a gain of over 600% from its current value.

“We do have a 2030 price target, which in our base case scenario is around $650,000, and in our bull case scenario it’s between $1 million and $1.5 million,” she noted.

“We were the first public asset manager, to our knowledge, to go into Bitcoin at $250 in 2015 and we're still at $90,000, so I think we have a long way to go.”

What will be the bull catalysts for BTC price?

Cathie Wood also discussed what the bullish catalysts will be for Bitcoin’s price appreciation. According to her, it includes increased adoption by TradFi (traditional finance) and regulatory clarity from pro-crypto U.S. President Donald Trump. She also anticipates that a decline in the inflation rate will lead to major rallies.

“Why? First of all, we're getting regulatory relief here, I think that's one of the most important things coming out of this administration, to provide regulatory relief on all kinds of innovation, including healthcare,” the Bitcoin bull said.

“The other thing is that Bitcoin is now being recognized as a new asset class, it's not just a global monetary system, it's a new asset class. And what that means is that institutions and asset allocators in general are saying, ‘Wait a minute, this asset behaves differently from all our other assets, we should include it.’ I think that will be the next big move.”

Trump’s election victory sends Bitcoin price soaring

The excitement over the Republican victory has caused crypto prices to explode over the past week, with the market setting new record highs.

Trump’s previous pledges to the crypto market have also sparked speculation, including making Bitcoin a strategic reserve for the U.S., a move that could trigger a FOMO among other global powers.

Recently, the United Kingdom planned to unveil crypto-friendly regulations to counter the growing appeal of the U.S. among global investors. Such developments are likely to have influenced the current Bitcoin price rally.