According to the CEO of global investment management firm ARK Invest, Cathie Wood, the Bitcoin (BTC) and cryptocurrency sector could reach a value of a quarter of a quadrillion in the next seven years. Wood made her remarks in an interview with CNBC’s “Squawk Box” show aired on November 14, citing the industry’s rapid growth and wider adoption as the main drivers.
Wood said traditional markets are currently experiencing a “flight to safety” into the crypto sphere due to Bitcoin’s lack of counter-party risk and its strength against the banking sector. She referred to Bitcoin’s surge from $19,000 to near $30,000 when the KRE regional bank index was imploding.
The ARK Invest CEO believes that the success of the decentralized finance (DeFi) asset will continue because “most people understand that Bitcoin is a money revolution. This is the first global, private – so no government oversight – digital – very important – rules-based, monetary system in history.”
At press time, the price of Bitcoin stands at $36,500, with a market capitalization of $1.39 trillion, representing a slight 1.56% decline on the day but still an increase of 30% in the last month and 65.48% in the last year.
Wood is optimistic, believing that Bitcoin will reach $1 million by 2030. Similarly, Galaxy Digital CEO Mike Novogratz believes Bitcoin will be worth $500,000 in the next five years.
It is important to note that investing is speculative and capital is at risk.