Ark Invest CEO Cathie Wood still stands firm on her forecast that by 2030, the price of Bitcoin can just sail through the $1,000,000 mark, riding high on its rarity premium versus gold.
The report suggests that, unlike gold, whose rising prices spur mining and increase supply, Bitcoin has its supply capped at 21 million coins; thus, it is inelastic to such fluctuations in supply.
Wood said the changes in regulations going on during Donald Trump’s time may have a profound impact on the market. She suggested that with the Federal Trade Commission off its leash, the pace of private-company acquisitions could pick up, forcing liquidity events and price discovery as strategic buyers chased innovative companies.
Bitcoin 2024 rally: Supply and demand at play
The continued Bitcoin rally has, at one point, taken its price above $108,000 in 2024 and is a pretty robust supply-and-demand dynamic. She attributed the growth to the inbuilt scarcity in Bitcoin and increased institutional interest. Her bold forecast befits her history of super successful bets on technology, including Tesla.
Wood also seemed bullish on Elon Musk’s new role in the Department of Government Efficiency, more colloquially known as DOGE. She thinks his experiences facing regulatory challenges make him a good fit to grease the wheels of government.
Her predictions and strategies have garnered equal praise and criticism. Still, her $6.7 billion ARK Innovation ETF has been the continual focal point of attention since it is a high-risk approach to emerging technologies. Wood’s forecast underlines her belief in Bitcoin as a game-changer for the financial world.
