Cathie Wood: Bitcoin Still Has "A Long Way to Go" at $90K

Despite Bitcoin recently hitting an all-time high above $90,000, ARK Invest CEO Cathie Wood believes the cryptocurrency still has significant upside ahead.

Speaking in an interview on CNBC’s Squawk Box on Nov. 15, Wood highlighted that ARK Invest was the first public asset manager to gain exposure to Bitcoin back in 2015 when it was priced around $250. “Even at $90,000, we still think Bitcoin has a long way to go,” she stated.

Wood attributed Bitcoin's continued momentum to what she sees as "regulatory relief" — a key factor that could be driven by the new administration. She emphasized that Bitcoin is increasingly being recognized as a distinct asset class, which is fueling institutional interest. “It’s not just a global monetary system; it’s a new asset class. And what that means is that institutions and asset allocators are starting to view Bitcoin as behaving differently from all other assets, and they need to include it,” she explained.

Looking ahead, Wood reaffirmed her ambitious long-term price predictions for Bitcoin. In the base case, she expects Bitcoin to reach $650,000 by 2030, while in the bull case, it could hit between $1 million and $1.5 million.

Bitcoin's price reached a record high of $93,477 on Nov. 13, according to CoinGecko. Although it has since pulled back slightly, it remained above the $90,000 mark as of early Nov. 18. Wood remains confident that the bull market is intact, pointing to on-chain analytics that show a strong market foundation. “After Bitcoin’s halving in April, its supply growth dropped to 0.9%, lower than the long-term growth of gold for the first time,” she noted.

In a video posted on X on Nov. 11, Wood also discussed the broader potential for innovation, particularly in artificial intelligence and digital assets. She believes that easing the regulatory pressure on the financial sector — particularly with agencies like the SEC — could accelerate technological advancements and “turbocharge the US economy.”