ARK Invest’s Cathie Wood says the $1,500,000 Bitcoin price explosion is still on the table – here’s why

Cathie Wood, managing director of ARK Invest, says an explosive Bitcoin (BTC) price rise to $1,500,000 is still possible.

In a new interview with science and technology entrepreneur Peter Diamandis, Wood says ARK's prediction that the flagship digital asset will reach a price of $1.5 million by 2027 still has time to come true.

According to Wood, institutional investors will increasingly turn their attention to the crypto king as his path diverges from traditional assets and eventually sends him skyrocketing.

“The forecast was that our bull market would be $1.5 million in five years, so that would have been 2027. We still have time and we still believe this will be right. If you just look at the institutional push into Bitcoin, this new asset class, you have to look at it as a fiduciary.

When you use these code words – “new asset class” – it means that the correlation of these returns is very low compared to those of other assets.”

With Bitcoin's supply capped at 21 million and institutional investors now taking it more seriously, Wood says BTC is now in a position to increase in price faster than ever before.

“What do we say? There are currently 19.6 million Bitcoins, and the highest number ever is 21 million. Well, there is a real scarcity value and what will happen? The price increase for every institutional dollar coming in now will be much higher than it was last year, two years ago.”

Bitcoin is trading for $64,908 at the time of writing, up 3.85% in the last 24 hours.

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