Cathie Wood, CEO of ARK Invest, has reaffirmed her bold prediction that Bitcoin (BTC) will surpass $1 million by 2030. Speaking with Bloomberg, Wood highlighted Bitcoin’s fixed supply of 21 million units as a key advantage over traditional assets like gold.
“When gold prices rise, production increases, but Bitcoin’s supply is fixed,” Wood explained.
Spot Bitcoin ETFs Drive Institutional Demand
Wood also credited the rise of spot Bitcoin ETFs as a major driver for BTC’s price growth. Bitcoin is projected to climb 120% in 2024, potentially breaching the $100,000 mark.
“Instruments like Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF make it easier for institutional investors to access cryptocurrencies,” she said, pointing to growing investor demand for scarce digital assets.
Trump Administration Could Boost M&A Activity
Looking ahead to the 2024 U.S. Presidential elections, Wood predicts a surge in merger and acquisition (M&A) activities under a Trump administration.
“The FTC was blocking mergers, but this barrier will be lifted with the Trump administration,” she noted, forecasting activity in sectors like banking and biotechnology.
This aligns with Bank of America’s findings, which show a 50% increase in M&A activity during Republican-led administrations.
ARK Innovation ETF Restructures for Growth
Wood also revealed that ARK Innovation ETF is restructuring its portfolio, selling shares in Tesla and Palantir to focus on companies driving market innovation.
“Companies at the forefront of innovation will be rewarded during this period,” Wood emphasized, pointing to expansion and long-term growth opportunities.
Cathie Wood’s $1 million Bitcoin prediction underscores her confidence in BTC’s scarcity and growing institutional adoption. With spot ETFs gaining traction and expectations of economic shifts post-2024 elections, ARK Invest is positioning for a future fueled by innovation and crypto leadership.
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