Cathie Wood: Bitcoin is still a good investment at current price of $90,000

Odaily News Cathie Wood, CEO of ARK Invest, reiterated her bullish predictions for Bitcoin prices in a recent interview, insisting that the company's forecast for 2030 remains unchanged despite market volatility. She said: "In the base case, Bitcoin is worth about $650,000 by 2030. In the bull case, it is between $1 million and $1.5 million." Ark Invest first introduced these Bitcoin price predictions in its 2023 Big Ideas report released in February last year. Unlike the single prediction in the earlier report, the company proposed three scenarios. Based on the most likely assumptions, the "base case" expects Bitcoin to reach $682,800 by 2030, the "bear case" estimates the price at $258,500, and the "bull case" expects Bitcoin to rise to $1.48 million. Wood stressed that at current prices, Bitcoin is still a good investment, “Remember, we were the first public asset manager to invest in Bitcoin in 2015 at $250.” She further explained: “Bitcoin is currently at $90,000, and we think there is still a long way to go. Why? First of all, we got regulatory relief here, which I think is one of the most important initiatives of the new administration. We will get regulatory relief for all kinds of innovations, including healthcare. The other thing is that we are now looking at Bitcoin as a new asset class, it is not just a global monetary system, but a new asset class, which means that institutions and asset allocators generally say: ‘Wait a minute, this asset behaves differently than all our other assets, we need to include it.’” Wood cited Bitcoin’s historical performance in halving cycles, predicting that Bitcoin will continue to maintain its upward momentum as inflation decreases and halving events reduce supply. (Bitcoin.com)