$1.5 Million Bitcoin? ARK's Cathie Wood: Gold Market Share Being Eaten Away
This week, ARK Invest CEO Cathie Wood stated that she believes the US economy is emerging from a three-year "rolling recession" caused by Federal Reserve rate hikes. Wood also emphasized that ARK's bull market target price for Bitcoin in 2030 is set at $1.5 million.
AI and Capital Flow Driving New Bull Market
Despite recent market volatility and tariff concerns, Wood described the current environment as a "global tax reduction" scenario, believing that efforts to lower trade barriers and taxes are emerging, and policy uncertainty is fading.
Wood expressed optimism about the coming months, noting productivity improvements across industries, especially in government and biotechnology. She mentioned the rapid development of generative AI, such as the US FDA using AI tools to reduce clinical trial review time from days to minutes.
Wood believes this productivity surge could lead to lower-than-expected inflation and create favorable conditions for capital investment. She reiterated ARK's long-term Bitcoin prediction and praised analyst David Puell for providing a detailed framework, emphasizing that Bitcoin will continue to take market share from gold.
"Our baseline prediction is that Bitcoin will reach the $700,000 to $750,000 range by 2030," Wood said in a CNBC interview, "with a bull market target price of $1.5 million. Puell recently released an analysis where you can see the logic—we estimate how much market share Bitcoin will capture from gold or the entire store of value market."
Wood concluded:
"Institutional funds are just beginning to enter, and only about 1 million Bitcoins remain to be mined. Institutions are still testing the waters, and there are also emerging market application scenarios. Therefore, we believe Bitcoin still has enormous room for growth."
