According to Cathie Wood, the CEO of global investment management firm ARK Invest, the Bitcoin (BTC) and cryptocurrency sector could potentially attain a value of a quarter of a quadrillion in the next seven years, given the rapid growth of the industry and its increasing adoption.
Discussing spot Bitcoin exchange-traded fund (ETF) applications and the broader crypto ecosystem, Wood expressed her expectation that the sector could be valued at $25 trillion by 2030. She shared these insights in an interview with CNBC's journalists on the 'Squawk Box' show aired on November 14.
Flight to Safety in Crypto
Wood noted that traditional markets are experiencing a "flight to quality," as termed by Larry Fink, or a "flight to safety," as labeled by ARK Invest, leading towards the cryptocurrency sphere. She emphasized that this trend is driven by the absence of counter-party risk in Bitcoin and its demonstrated resilience against the banking sector.
Wood highlighted the ongoing success of decentralized finance (DeFi) assets, noting that most people recognize Bitcoin as a monetary revolution. She described it as the first global, private—without government oversight—digital, and rules-based monetary system in history.
Bitcoin Price Analysis
At present, the price of Bitcoin is $36,500, reflecting a 1.10% decline in the last 24 hours. However, the flagship cryptocurrency has maintained a 5.08% gain over the last seven days and an impressive 35.96% increase over the past month.
Regarding the market capitalization of the cryptocurrency industry, it currently stands at $1.39 trillion, showcasing a slight 1.56% decline for the day but still demonstrating growth of over 30% in the last month and an impressive 65.48% over the past year, according to data retrieved from the crypto monitoring platform CoinMarketCap on November 14.
Wood's optimistic projections align with others in the industry, such as Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, who believes Bitcoin could reach $500,000 in the next five years, and others who have set the target for Bitcoin at $1 million by 2030.