Donald Trump’s victory has increased bets on potential pro-crypto policies in the US. This has led to optimism in the Bitcoin and altcoin market. In addition, the market foresees a clear regulatory path for the crypto market. Therefore, it is possible that this will help the gains in the broader sector. In this positive atmosphere, ARK Invest founder Cathie Wood says Bitcoin is on track to reach a major price target in about five years.
ARK Invest’s 2030 targets for Bitcoin
As you follow from Kriptokoin.com, the leading cryptocurrency Bitcoin is trying to consolidate its position above $ 90,000. In a new interview with CNBC Squawk Box, Wood says ARK Invest believes Bitcoin will reach over half a million dollars by 2030. This means a gain of over 600% from its current value. In this context, Cathie Wood makes the following statement:
We have a 2030 target. In our base scenario, it is around $ 650,000. In our bull scenario, it is between $ 1 million and $ 1.5 million. Remember, we were the first public asset manager to invest in Bitcoin at $250 in 2015 and we’re still at $90,000, so I think we have a long way to go.
What will be the bull catalysts for BTC?
Cathie Wood also talks about what the bullish catalysts will be for Bitcoin’s appreciation. Wood says it includes greater adoption by traditional finance (TradFi) as well as regulatory clarity expected from pro-crypto US President Donald Trump. He also predicts that the decline in the inflation rate will lead to major rallies. Bitcoin bull expresses his views on this issue as follows:
Why? First of all, we’re getting regulatory relief here. I think this is one of the most important things coming out of this administration. We will provide regulatory relief on all kinds of innovation, including healthcare. The other thing is that Bitcoin is now seen as a new asset class. It’s not just a global monetary system. It’s a new asset class. And what that means is that institutions and asset allocators in general are saying, ‘Wait a minute, this asset behaves differently from all our other assets, we should include it. I think that will be the next big move.
Donald Trump’s election victory exploded the Bitcoin price!
The excitement created by the Republican victory has caused crypto prices to rise since last week. Also, the market continues to break new records. In addition, Trump’s previous promises to the crypto market have also sparked widespread debate in the market. This includes making Bitcoin a strategic reserve for the US. This has also triggered a FOMO among other global leaders. Recently, the UK planned to unveil crypto-friendly regulations to counter the growing appeal of the US among global investors. However, this series of events has probably affected the current Bitcoin price rally.
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