Cathie Wood Predicts Bitcoin Could Hit $1.5M Amid Growing Institutional Interest

Ark Invest CEO Cathie Wood has doubled down on her $1.5 million “bull case” bitcoin forecast, citing factors such as institutional adoption, potential regulatory relief, and BTC's growing recognition as a unique asset class.

Ark Invest CEO Cathie Wood has doubled down on her bullish bitcoin price forecasts, asserting that the asset could still rise 15x from its current value.

Cathie Wood Maintains Bullish Bitcoin Price Forecasts

Cathie Wood, the CEO and CIO of asset management firm Ark Invest, has maintained her bullish bitcoin price forecasts despite the recent market downturn.

In an interview with CNBC on Friday, Wood reiterated her firm’s bitcoin price projections, which were first introduced in its 2023 Big Ideas report.

According to Ark Invest’s base case scenario, bitcoin is expected to reach $650,000 by 2030. However, the firm’s bull case scenario predicts that BTC could hit $1.5 million per coin within the same timeframe.

“Why? Well, first of all, we’re getting regulatory relief here and I think that’s one of the most important things coming out of this administration. We will get regulatory relief on all kinds of innovation, including health care,” the Ark Invest CEO explained.

Wood highlighted the growing institutional adoption of bitcoin, which is driving demand for the asset and pushing its price higher.

“The other thing is we’re looking at bitcoin now being viewed as a new asset class — it’s not just a global monetary system, it’s a new asset class,” she continued.

“And what that means is institutions, and asset allocators generally, are saying: ‘Wait a minute, this asset is behaving differently from all of our other assets, we need to include it.’”

Moreover, Wood pointed out bitcoin’s strong performance during halving cycles, which she believes will continue as inflation declines and halving events reduce the supply of BTC.

“We’re also looking at the bitcoin halvings and the fact that the price of bitcoin has risen relentlessly post-halving. And the reason for that is the supply gets cut in half every four years and demand continues to rise,” she added.

“So, as we get closer to the halvings, the price goes up relentlessly. Now, post-halving, it tends to correct because the demand is met with the new supply. But then, after that, it goes up again relentlessly.”