Cathie Wood, the founder of asset management firm Ark Invest, said Wednesday that the firm's conviction in the $1.5 million bull case for Bitcoin BTC/USD in 2030 has strengthened thanks to several bullish developments last year.
What happened: During an X Spaces discussion on Wednesday, Wood stated, "Our bull case is at $1.5 million. Our conviction in that bull case has grown," owing to what she described as "greenlights" in 2024.
Wood, a veteran stock picker and long-time Bitcoin proponent, has set a base target price of $650,000 by 2030, with an optimistic scenario reaching $1.5 million.
She cited the launch of spot Bitcoin exchange-traded funds, the halving that slowed Bitcoin's supply growth, and the presidential victory of pro-cryptocurrency Donald Trump as crucial bullish catalysts for the apex cryptocurrency.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
Wood also believed that the victory of a cryptocurrency-friendly candidate would have far-reaching implications for political support for the asset class.
“I think in the next administration we will probably see more bipartisanship.”
When asked what interesting narratives cryptocurrency investors should look out for in 2025, Wood said she was “intrigued” by the growing intersection of technologies, particularly between Bitcoin and artificial intelligence.
“We think there are convergences among technologies that are going to cause explosive growth opportunities,” Wood stated.
Why It Matters: Should Cathie Wood’s bullish prognosis of Bitcoin hitting $1.5 million by 2030 come true, it would mean a 1400% upside in five years. Interestingly enough, the digital asset has gained 1030% in the last five years.
Notably, Ark Invest was the first public asset manager to gain Bitcoin exposure at $250 in 2015.
Ark Invest also launched a spot Bitcoin exchange-traded fund last year in conjunction with 21Shares, namely ARK 21Shares Bitcoin ETF ARKB. As of this writing, it was the fourth-largest Bitcoin fund, with nearly $4.73 billion in assets under management.
Price Action: At the time of writing, Bitcoin was exchanging hands at $98,703.88, up 1.86% in the last 24 hours, according to data from Benzinga Pro.
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