Bitcoin may have recently hit a new all-time high above $90,000, but ARK Invest's Cathie Wood says it still has a “long way to go.”
He noted that Ark was the first public asset manager to gain exposure to Bitcoin in 2015 at $250, “and still at $90,000 we think we have a long way to go,” he said in an interview on CNBC's Squawk Box on Nov. 15. .
Wood went on to explain that the continued push would be driven by “regulatory relief,” which was one of the biggest things to come out of the new administration.
“We are seeing that Bitcoin (BTC) is now seen as a new asset class,” he said before adding that “it is not just a global monetary system, it is a new asset class and what that means is that institutions and allocators of assets are saying 'this asset is behaving differently from all of our other assets and we need to include it.'”
Wood also reiterated his big price prediction for the next five years, stating:
“We have a target for 2030 in our base case, it is around $650,000, in our bull case, it is between $1 million and $1.5 million.”
Cathie Wood in Squawk Box. Source: CNBC
BTC prices reached an all-time high of $93,477 on November 13, according to CoinGecko. It has not yet entered price discovery above this level and pulled back slightly a few days after the peak, but had returned over $90,000 during early trading on November 18.
On November 16, Wood saying that, according to on-chain analytics and analytics, “the Bitcoin bull market is in good shape” before adding:
“After halving in April, Bitcoin supply growth fell to 0.9%, below long-term gold supply growth for the first time!”
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