Originally published on: December 05, 2024
Bitcoin shattered records by reaching the $100,000 price mark on December 5th, but according to ARK Invest CEO Cathie Wood, this is just the beginning for the cryptocurrency.
Wood, the founder of ARK, a firm known for its crypto-friendly investments, expressed optimism about Bitcoin’s future even after surpassing $100,000. She recently commended President-elect Donald Trump for nominating pro-crypto Paul Atkins to head the Securities and Exchange Commission, signaling growing support for digital assets.
Federal Reserve Chair Jerome Powell’s comparison of Bitcoin to digital gold further fueled Wood’s enthusiasm for the cryptocurrency. Wood highlighted Bitcoin’s potential, noting that while gold is valued at $15 trillion, Bitcoin’s market cap of $2 trillion leaves plenty of room for growth.
Wood emphasized that Bitcoin’s digital and borderless nature sets it apart from gold, hinting at its potential to outshine the traditional precious metal. In fact, Wood predicted back in March that Bitcoin could reach $1 million by 2030.
Notably, it took Bitcoin less than 16 years to achieve a $2 trillion market value, faster than tech giant Apple’s journey to the same milestone. Bitcoin’s current dominance in the crypto market stands at 52.6%, with the total market cap reaching $3.9 trillion.
Experts like Tranchess co-founder Danny Chong view Bitcoin’s surge to $100,000 as a significant milestone driven by increasing institutional adoption, the rise of Bitcoin ETFs, and growing interest from major financial institutions like BlackRock and Fidelity.
As Bitcoin continues to make headlines with its meteoric rise, the future looks bright for this groundbreaking digital asset. Stay tuned for more updates on the evolving crypto market and investment opportunities. Subscribe to our newsletter for weekly insights and analysis.
