Ark Investment’s respected CEO Cathie Wood has shared her optimistic Bitcoin (BTC) price prediction in an interview with Bloomberg. According to Wood, Bitcoin could reach a price of $1 million by 2030, which represents a 950% increase from the current price of approximately $94,300.
Wood bases this prediction on the expectation that institutional adoption of Bitcoin will increase significantly in the coming years.
Increasing Chances of $1 Million Bitcoin
According to Cathie Wood, the chances of seeing a $1 million BTC price by 2030 have increased significantly recently. In a research report from Ark Investment, analysts explain how Bitcoin’s scarcity can cause its price to rise exponentially.
“Bitcoin is truly the first of a new asset class, and it will be the biggest opportunity of all,” Wood said.
Bitcoin scarcer than gold
During the interview, Wood compares Bitcoin to gold. She points out that the number of Bitcoin tokens is growing at just 0.9% annually, while the supply of gold is increasing at about 1% per year. As a result, BTC is currently scarcer than gold, which Wood believes is a major factor that will further drive Bitcoin’s value in the coming years.
She also emphasizes the role of millennials and Gen Z in Bitcoin adoption. During the COVID pandemic, as many as 63% of people invested in cryptocurrencies, which caused an explosion in crypto prices at the time.
Bitcoin worth more than gold in 2030?
If Bitcoin actually reaches a price of $1 million, it would mark a historic milestone for the crypto market. Bitcoin’s total market capitalization would then be around $20 trillion.
By comparison, the total value of the gold market is currently approximately $17.5 trillion. This makes it likely that Bitcoin could overtake gold in total market value in the coming years.
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Source: https://newsbit.nl/cathie-wood-bitcoin-koers-naar-1-miljoen-in-2030/
