Cathie Wood, CEO of asset management giant Ark Invest, suggested that Bitcoin’s BTC/USD price could hit a base target of $650,000 by 2030, with an optimistic scenario reaching as high as $1.5 million.
What Happened: Wood, a long-time Bitcoin proponent who first invested in the digital asset in 2015, attributes the surge in Bitcoin’s price to two primary factors: regulatory relief on the horizon and Bitcoin's growing distinction from other assets.
In an interview with CNBC on Friday, Wood said she sees institutional interest in Bitcoin intensifying, with asset allocators increasingly recognizing its unique behavior compared to traditional assets.
Ark Invest, which was the first public asset manager to gain Bitcoin exposure at $250 in 2015, maintains an optimistic outlook for the cryptocurrency's future.
Wood's prediction ties into Ark Invest's broader outlook, which also includes optimism about the potential for the upcoming Donald Trump administration to provide clearer regulations for the cryptocurrency industry in the United States.
With the end of current SEC Chair Gary Gensler‘s term, the firm anticipates a more crypto-friendly SEC and a shift away from "regulation by enforcement," which could provide the regulatory clarity needed to spur further institutional investment.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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