Cathie Wood Sees $1.5M Target For Bitcoin after the ETF Approval

Cathie Wood believes Bitcoin could reach $1.5 Million by 2030. Remember that wild prediction last year? Yeah, that one. Turns out, ARK Invest just launched a Bitcoin ETF with 21 shares. 

In a CNBC interview, Wood laid out her Bitcoin roadmap: she sees it hitting $600,000 as the main story, with a “best-case scenario” of $1.5 Million by 2030. Now, reaching $600,000 would mean a whopping 1,161% jump in the next few years, while getting to $1.5 Million requires a mind-blowing 3,112% climb. 

To put that in perspective, Bitcoin has already climbed 1,202% in the last five years, although it’s still far from its 2021 peak of over $68,000.

Wood also hinted at a fierce battleground for these new Bitcoin ETFs, predicting intense competition for market share. She expressed confidence that Ark 21 will be among the few names that come out on top. 

The Big Short Investor Gave Views on the Economy & Crypto

Not surprisingly, Bitcoin surged nearly 9%, towards the $48,900 mark. However, the famous big short investor, Steve Eisman, who is the Managing director of Neuberger Berman has different views. 

In an interview with CNBC, he stated how people in the financial industry often say that being too early is the same as being wrong. Although Eisman has been too early in the past, he is not years too early like people who have been making the argument about US debt and US currency for the last few decades.

In a previous interview with CNBC, he also mentioned that cryptocurrencies have no social or financial utility. However, he has also praised blockchain technology over the years.

Eisman also added how these people are still making the same argument and suggesting buying Bitcoin as a result. Steve Eisman then went on with some friction and said “When you’re 40 years too early, it’s best to have some humility and keep quiet”.

As per economic data, there is no evidence to suggest that the US dollar will lose its reserve currency status. People still want to buy US debt and they’re replacing it with Chinese debt. Unless there’s a significant problem in the US bond market, the economy should be fine.

Summary

Cathie Wood predicts Bitcoin reaching $600,000 – $1.5 Million by 2030. Eisman believes cryptocurrencies have no social or financial utility but has praised blockchain technology.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.