Cathie Wood, CEO of ARK Invest, remains confident in Bitcoin’s (CRYPTO: BTC) future, even in the face of market volatility.
During a podcast, Wood reaffirmed her $1 million price target for the cryptocurrency. She attributed this confidence to the ongoing growth of stablecoins, which recently surpassed $300 billion in total market value.
This surge in stablecoins, she explained, signifies a pivotal moment for the digital asset market, despite the potential for short-term fluctuations in Bitcoin’s price.
Wood emphasized that the increasing presence of stablecoins, though potentially dampening Bitcoin’s immediate market performance, reflects the strengthening credibility and maturation of the broader cryptocurrency ecosystem.
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According to the podcast, she pointed out that these developments are crucial for long-term growth and solidify Bitcoin’s place as a leading digital asset.
Her $1 million prediction for Bitcoin has remained steadfast, even as the asset’s price has experienced downturns, such as falling below $100,000 for the first time since June 2022.
According to Wood, the key drivers behind Bitcoin’s growth are both institutional involvement and the development of a more stable macroeconomic environment, with conditions set to improve around mid-December following Federal Reserve updates and new U.S. employment reports.
Wood compared Bitcoin’s potential growth to gold’s market trajectory, suggesting that Bitcoin could eventually capture a significant portion of gold’s market cap. She acknowledged the current pressures in the digital asset market but remains optimistic that these will dissipate as the market stabilizes, potentially leading to a new phase of growth in 2026.
Despite recent challenges, Wood’s outlook on Bitcoin continues to be driven by its recognition as “digital gold” and its increasing institutional backing.
She also mentioned her belief that Bitcoin could reach as high as $650,000 by 2030, with the possibility of soaring to $1.5 million under favorable conditions.
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