ARK on Bitcoin19 Oct 2023 13:03
During an interview with ARK Invest CEO Cathie Wood on “Coin Stories,” Natalie Brunell asked the investor to elaborate on recent research from her firm that predicted the bitcoin price could reach $1.48 million in the next seven years.
“I really want to hit that $1 million price prediction by 2030,” Brunell said, pointing to a chart illustrating three potential price target cases. “The bear case is $258,000 per bitcoin. The base case: $682,000, and the bull case: $1.48 million as your price target.”
Elaborating on the factors that influenced her team’s research and drove those price targets, Wood explained that BTC’s value should increase ninefold or more by the start of the next decade thanks in part to growing institutional adoption.
“As new asset classes evolve, what institutions do in particular is they tiptoe in, they start with 1% and then they migrate to 2% and then they migrate to 5%,” Wood said. “When there’s a new asset class, it tends to end up in the 5% to 6% range. This happened to real estate, it happened to private equity, venture capital … it happened to the whole category of emerging markets.”