Cathie Wood, the CEO of Ark Invest, stands by her firm’s prediction that 1 Bitcoin will likely reach $1 million by 2030. Kathie Wood said:
“You know, sometimes you have to be tested, you have to go through crises first to see the survivors,” said the well-known investor.
However, Wood has admitted that the ongoing debacle surrounding the FTX exchange is likely to slow down institutional adoption. Large institutional investors will take a step back from these issues to find out if they really understand Bitcoin, but that may not even be very bad news.
Cathie Wood believes that institutional investors may even feel more comfortable with Bitcoin after doing much more research on the digital currency.
“Once they do their homework and see what happened here, I think they’ll feel more comfortable moving to Bitcoin and maybe Ethereum.”
— Cathie Wood
Bitcoin price could be around $500,000 by 2026
In January, Ark Invest predicted that Bitcoin would be worth $1 million by the start of the next decade (2030). This prediction is based on the assumption that governments around the world would adopt the largest crypto currency as legal tender.
In addition, Ark Invest sees Bitcoin taking up a larger share of the global payment settlement market. Partly because of this, the Bitcoin price could already be around 500 thousand dollars in 2026. Cathie Wood says that this goal is achievable if institutional investors allocate at least 5 percent of their total money to Bitcoin.
