Bitcoin still has 'a long way to go' at $90K: Cathie Wood

Bitcoin may have recently hit a new all-time high at above $90,000, but ARK Invest’s Cathie Wood says it still has a “long way to go.” 

She pointed out that Ark was the first public asset manager to gain exposure to Bitcoin in 2015 at $250, “and we still at $90,000 think we have a long way to go,” she said in an interview on CNBC’s Squawk Box on Nov. 15. 

Wood continued to explain that the continued momentum would be driven by “regulatory relief” which was one of the most important things coming out of the new administration.

We’re looking at Bitcoin (BTC) now being viewed as a new asset class, she said before adding that it is “not just a global monetary system, it is a new asset class and what that means is institutions, and asset allocators are saying ‘this asset is behaving differently from all our other assets and we need to include it.’” 

Wood also reiterated her big price prediction over the next five years stating: 

“We have a 2030 target in our base case, it’s around $650,000, in our bull case, it’s between $1 million and $1.5 million.”

BTC prices hit an all-time high of $93,477 on Nov. 13, according to CoinGecko. It has yet to enter into price discovery above this level and pulled back slightly a few days after the peak but had returned over $90,000 during early trading on Nov. 18. 

On Nov. 16, Wood said that, based on onchain analytics and analysis, “the bull market in Bitcoin is in good shape” before adding: 

“After its halving in April, growth in the supply of Bitcoin dropped to 0.9%, below the long-term growth in the supply of gold for the first time!”

Related: 'I put most of my wealth into Bitcoin, so I am fully committed' — RFK

In a video posted on X on Nov. 11, Wood said that “defanging” finance regulators such as the Securities and Exchange Commission, combined with a focus on technologically enabled innovation in artificial intelligence, digital assets, and other fields, is “likely to turbocharge the US economy.”

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