Cathie Wood doubles down on massive Bitcoin price prediction

TL;DR

Cathie Wood predicts that BTC could reach $650,000 by 2030, citing regulatory changes and institutional adoption as key drivers. Analysts expect higher earnings, with targets of up to $245,000 next year. Bullish as usual

Bitcoin (BTC) has had an impressive performance this past week, with its price breaking above $93,000 on November 13. In the following days, it consolidated around $91,000, while it is currently trading at $90,100 (a 115% increase from the previous year). ).

BTC Price, Source: CoinGecko

Bullfighting has generated a lot of excitement among industry participants, with many predicting more gains in the future. Not surprisingly, one of the biggest optimists is Cathie Wood (CEO of ARK Invest).

In a recent interview with CNBC, he reiterated his prediction that BTC could be worth $650,000 by 2030. Furthermore, Wood believes that the valuation can explode to $1.5 billion in the “bull case” scenario.

The executive mentioned two main factors that could push BTC to new highs. First, he expects the administration of incoming US President Donald Trump to bring “regulatory relief” to all kinds of innovation.

We recall that the Republican, who won the US presidential election on November 5, made numerous promises related to cryptography and described himself as the right choice for supporters of the asset class.

He also pledged to fire US SEC chairman Gary Gensler on the first day after taking office. The agency and its leader have demonstrated an anti-crypto approach over the years, filing numerous lawsuits against companies that are part of the ecosystem. One of the most popular cases is the legal fight involving Ripple.

Recent reports suggested that the next potential president will be “pro-crypto”, while the community began to speculate that Gensler’s days are numbered due to his recent open back (which some interpreted as a hint of resignation) . However, no official announcement has been made and we are yet to see what will happen in this regard.

Second, Wood argued that the rise in the price of BTC has changed people’s position on it, and many see it as something more than a global monetary system:

“We’re looking at Bitcoin now being seen as a new asset class. It’s not just a global monetary system, it’s a new asset class. And what that means is that institutions and asset allocators are generally saying : “Wait a minute, this asset behaves differently than all our other assets that we have to include. So I think that’s the next big step.”

Additional forecasts

Crypto X is full of analysts predicting that BTC could soon reach unseen levels. Captain Faibik envisioned a new “bullish entry” that could take the price to nearly $100,000. Mags was even more bullish, seeing a new ATH of roughly $245,000 next year.

Those who want to find out if the Bitcoin ship has sailed or not can watch our recent video, answering the question: Is it too late to buy Bitcoin in 2024?

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