The cryptocurrency market has been sluggish recently, with Bitcoin even falling below the $30,000 mark several times. However, Cathie Wood, nicknamed "the female stock god" and "Wood Sister" by the market, said that she is still optimistic about the prospects of Bitcoin and firmly believes that "Bitcoin will rise to $1.5 million in the next seven years" and is confident in her prediction.
Cathie Wood has never concealed her extreme optimism. She made her first bold prediction in early 2021. At that time, she believed that more and more institutional investors would enter the cryptocurrency market, so she optimistically expected that Bitcoin would soar to $500,000 by 2026. At the beginning of last year, Cathie Wood further increased her bet that by 2030, the price of Bitcoin would soar to $1 million, and now she is convinced that Bitcoin will soar to $1.5 million by then.
Cathie Wood recently quoted Ark Invest's internal analysis on Bloomberg TV and said,
In a bull case, I think each Bitcoin will reach $1.5 million, but in the base case it is $625,000 (this is the rough range).
She went on to explain that the aftermath of the banking crisis that broke out in March this year has strengthened Bitcoin's long-term upward trend, making it increasingly likely that Bitcoin will enter a bull market, and making her more confident in her price forecast. In her view, Bitcoin is "a tool for hedging counterparty risk."
If Bitcoin can rise to $1.5 million in 2030 as predicted by Cathie Wood, it means that Bitcoin must rise by more than 4,900% from the current $30,000 in 7 years.
In this scenario, Bitcoin's market capitalization would surge to about $30 trillion from its current value of about $578 billion, according to Coingecko. In comparison, the total value of the world's physical gold supply is estimated to be about $12 trillion. This means that Bitcoin's market capitalization would be about 2.5 times the entire gold market.
