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Cathie Wood, CEO of asset manager and crypto ETF issuer ARK Invest, has long maintained her bullish outlook on bitcoin, and her recent comments reinforce her bullish projections for the largest cryptocurrency.
Following Donald Trump's election victory over Vice President Kamala Harris last week and bitcoin's recent rise to an all-time high of $93,250, investor sentiment around bitcoin has improved markedly.
Early regulatory relief
In a recent interview On CNBC's Squawk Box, Wood discussed his expectations for bitcoin's price trajectory. He stated that ARK Invest's 2030 targets range between $650,000 and, in a bullish scenario, between $1 million and $1.5 million.
The Ark CEO attributed the current upward trend in bitcoin value to several catalysts, particularly the anticipated regulatory relief that could come from the new Trump administration.
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The now 47th President of the United States has promised to make significant changesparticularly in the leadership of the US Securities and Exchange Commission (SEC), headed by Gary Gensler and characterized by lawsuits, Wells Notices, and increased scrutiny of key industry players.
This has caused notable discontent during the last three years of his tenure at the regulatory agency, which has led to executives and investors in the sector. digital asset ecosystem to demand a shift towards a clearer regulatory framework that could invite greater market adoption and growth.
However, Trump promised to fire Gary Gensler on the first day of his new administration, which is expected to begin on January 20. He also promised to make the United States the “crypto capital of the world” with a new framework and support for digital assets, with bitcoin at the center of its economy. agenda.
This has resonated well with industry advocates, as evidenced by the broader market rally led by the market's largest digital assets, which have risen nearly 25% since Trump's election victory.
bitcoin as a unique asset class
During the interview, Wood also highlighted that ARK Invest was the first public asset manager to invest in bitcoin when it was priced at just $250 in 2015. The asset manager believes that even at around $90,000, bitcoin still has significant upside. growth potential.
According to Wood, Trump's victory is pivotal as it signals a shift toward a more favorable regulatory environment for the cryptocurrency sector, an outcome she sees as crucial for the future of bitcoin.
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Furthermore, Wood emphasized that bitcoin has become a distinct asset class, separate from traditional currencies. She believes this change indicates that institutional investors and asset allocators are increasingly looking to include bitcoin in their portfolios, recognizing its potential as a store of value and hedge against inflation.
At the time of writing, btc is hovering around the $90,120 mark, still up 16% on the weekly period, despite the current pullback experienced in the last 48 hours.
Featured image of DALL-E, chart from TradingView.com
