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ARK Invest's CEO Cathie Wood Reiterates Bitcoin Price Prediction! Here are the Reasons! Here are the Details
ARK Invest's CEO Cathie Wood reiterated her bold prediction that Bitcoin (BTC) will surpass $1 million by 2030, referring to the cryptocurrency's unique scarcity advantage compared to traditional assets like gold.
Cathie Wood Reaffirms Her $1 Million Bitcoin Prediction by 2030
In a report published by Bloomberg, Wood emphasized that Bitcoin's fixed supply of 21 million coins gives it an advantage as a store of value compared to gold.
When the price of gold rises, mining companies typically increase production, increasing supply and potentially reducing price momentum.
In contrast, the supply of Bitcoin is limited by its underlying code, which makes it immune to such supply fluctuations.
Wood, "Bitcoin's scarcity is intrinsic and mathematical and provides a level of certainty that cannot be matched by gold," he said.
This forecast is consistent with ARK Invest's bullish stance supported by increasing institutional adoption of digital assets and the perception of Bitcoin as a hedge against inflation and economic uncertainty.
While some analysts approach such a high price target with skepticism, Wood has consistently defended his view by emphasizing Bitcoin's resilience and its ability to disrupt traditional financial systems.