Even amid a regulatory upheaval, Cathie Wood of Ark Invest is sticking to one of the loftiest forecasts yet: that the price of Bitcoin will exceed $1 million by the end of the decade. The noted investor-cum-longtime bull for the crypto industry believes Bitcoin is a perfect hedge against inflation and counterparty risk.
Wood Still Expects BTC To Close Decade At $1M
Cathie Wood has once again doubled down on her $1 million Bitcoin price prediction.
Wood said in a Thursday interview with Bloomberg that the “uncertainty and volatility” in the global economies have only increased her confidence in the flagship cryptocurrency.
For Wood, Bitcoin is an “antidote” to counterparty risks and a hedge against inflation. Because of this fundamental soundness, the investor says, bitcoin will hit $1 million by 2030.
In May 2021, Wood made her first bold price prediction during an interview on Bloomberg, forecasting Bitcoin would go to $500,000 by 2026. In early 2022, she upped the ante to $1 million by 2030.
Wood Says Coinbase Will Come Out Winner In SEC Suit
Wood has also been quite bullish on Coinbase in recent months. Speaking about the legal showdown at Binance and Coinbase amid SEC’s ongoing onslaught against the crypto industry, the Ark Invest CEO and CIO said that the two heavyweight crypto exchanges are “not at all in the same bucket”.
The SEC filed two major suits and an application for a temporary restraining order over two days against Binance and Coinbase, respectively the world’s and America’s biggest crypto exchanges. Despite the suits against the firms coming in quick succession, Wood emphasized that the Binance complaint was far more serious. She posited that “we have the competition for Coinbase disappearing, so that’s a good thing longer term for Coinbase.”
Wood further observed that it was “unfortunate” the SEC sued Coinbase the day after taking action against Binance and that SEC chair Gary Gensler was just “trying to implicate Coinbase in the same way he was implicating Binance.”
Wood’s Ark Invest has scooped up huge amounts of Coinbase stock. On Tuesday, ARK purchased 419,324 shares of Coinbase worth about $22 million shortly after the SEC announced its complaint against the only publicly traded crypto exchange.