Cathie Wood, CEO and CIO of asset management firm Ark Invest, has reaffirmed her ambitious bitcoin price forecasts, maintaining that the firm’s optimistic projections for 2030 remain unchanged despite market volatility. In an interview with CNBC on Friday, Wood reiterated:

In our base case, [bitcoin’s value is] around $650,000. In our bull case, it’s between $1 million and $1.5 million.

Ark Invest first introduced these bitcoin price forecasts in its 2023 Big Ideas report, published in February last year. Unlike the single prediction in earlier reports, the firm presented three scenarios. The “base case” projects bitcoin reaching $682,800 by 2030, based on the most likely assumptions. The “bear case” estimates a price of $258,500, while the “bull case” envisions bitcoin rising to $1.48 million per coin by the same year.

Wood emphasized on Friday that bitcoin is still a good investment at the current price. “Remember, we were the first public asset manager to gain exposure to bitcoin in 2015 at $250,” she said, elaborating:

We still, at $90,000, think we have a long way to go.

“Why? Well, first of all, we’re getting regulatory relief here and I think that’s one of the most important things coming out of this administration. We will get regulatory relief on all kinds of innovation, including health care,” the Ark Invest CEO detailed.

“The other thing is we’re looking at bitcoin now being viewed as a new asset class — it’s not just a global monetary system, it’s a new asset class,” she continued. “And what that means is institutions, and asset allocators generally, are saying: ‘Wait a minute, this asset is behaving differently from all of our other assets, we need to include it.’” Citing bitcoin’s historical performance during halving cycles, Wood predicted its continued upward momentum as inflation declines and halving events reduce supply.

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