- According to Wood, considering the speed of adoption in the sector, Bitcoin (BTC) and the crypto industry could reach a quarter of a quadrillion dollars in the next seven years.
- According to her, traditional markets are experiencing a “flight to quality” as Larry Fink called it or a “flight to safety” as named by ARK Invest.
- As of the time of writing, the market capitalization of the crypto industry is around $1.39 trillion, showing a slight decrease of 1.56% during the day.
Cathie Wood, the CEO of the global investment management firm ARK Invest, examines how the Bitcoin and crypto ecosystem will grow in the next seven years.
ARK Predicts the Crypto Ecosystem in 2030
According to Cathie Wood, the CEO of ARK Invest, the Bitcoin (BTC) and crypto sector could reach a quarter of a quadrillion dollars in the next seven years, considering the speed of adoption in the sector.
In an interview on CNBC’s ‘Squawk Box’ program on November 14, discussing spot Bitcoin exchange-traded fund (ETF) applications and the crypto ecosystem, Wood said she expected it to be worth $25 trillion by 2030.
According to her, traditional markets are experiencing a “flight to quality,” as Larry Fink called it, or a “flight to safety,” as named by ARK Invest. This is because there is “no counterparty risk in Bitcoin” and it shows resistance to the banking sector. Wood says:
“Look at what happened during the local banking crisis. Bitcoin almost went from $19,000 to nearly $30,000 while the KRE, which is the local bank index, collapsed. When you look at the bank stock index, it has almost returned to where it was in March.”
Wood also believes that the success of leading decentralized finance (DeFi) assets will continue because “most people understand that Bitcoin is a monetary revolution” and it is the first global, private – meaning government-unregulated – digital – very important – rule-based monetary system.
What about the Bitcoin price?
Meanwhile, the price of Bitcoin is currently at $36,580, representing a 1.10% decrease in the last 24 hours. However, the leading crypto asset still maintains a 5.08% gain accumulated in the last seven days and a 35.96% progress from the previous month.
In terms of the market capitalization of the crypto industry, it is around $1.39 trillion at the time of writing, showing a slight 1.56% decrease during the day but representing an increase of over 30% in the past month and over 65.48% throughout the last year.
All in all, considering Wood’s optimistic predictions placing the Bitcoin price at $1 million in 2030, she is not alone in such positive estimates. Mike Novogratz, the CEO of Galaxy Digital, also believes that Bitcoin will undoubtedly reach $500,000 within the next five years, as reported by COINOTAG in September.
