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

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: “With Bitcoin at $90,000 right now, we think there’s still a long way to go. Why? First of all, we’ve got regulatory relief here, which I think is one of the most important things that the new administration has done. We’re going to get regulatory relief for all kinds of innovations, including healthcare. The other thing is that we’re now looking at Bitcoin as a new asset class, not just a global monetary system, but a new asset class, which means that institutions and asset allocators are generally saying, ‘Wait a minute, this asset is behaving differently than all our other assets, and we need to include it.’” Wood cited Bitcoin’s historical performance during halving cycles, predicting that Bitcoin will continue to gain momentum as inflation falls and halving events reduce supply. (Bitcoin.com)