Cathie Wood & ARK stand by call for $1M Bitcoin by 2030

Cathie Wood is standing by her price target of $1 million per token, for Bitcoin by the year 2030. It may sound ridiculous to imagine that, especially right now. According to her, Bitcoin was supposed to hit $100,000 last year.

In an interview with Bloomberg today, she did mention that not only does she still believe in her long-term price target but also that Bitcoin is the most transparent of all cryptocurrencies. She added that the ecosystem, despite lots of selling pressure, is functioning beautifully.

One thing I have noticed about Wood when she speaks is that she always says "we" -- referring to her ARK Invest. She never says "I" or any first person pronoun. She chooses her words carefully. As for the price target they believe in, I really have to take that with a grain of salt. There is no telling what the price of anything will be a day, week, month, or year from now. I think that the ARK prediction of Bitcoin going to $1 million per token is more of a grandiose reaffirmation in their belief of the premier cryptocurrency. They are not Bitcoin maxies by any means but clearly they believe that Bitcoin is and will continue to be the dominant player in the cryptocurrency world. If you look up their previous estimates, you can see for yourself that continually increase from 100k to 200k to 500k to now 1M. When will the calls for 2M Bitcoin begin?

A million per token would put Bitcoin's total market cap at 21 trillion dollars. To me right now, that just seems quite unfathomable. I say let's get back to 50K before we start talking about a million.