Bitcoin’s milestone of surpassing $100,000 on December 5 has sparked excitement across the financial world, but ARK Invest’s Cathie Wood isn’t hitting the brakes just yet. According to Wood, Bitcoin is still in its “early innings,” meaning the cryptocurrency’s journey is just beginning. “Bitcoin is a much bigger idea than gold,” she shared on X, drawing comparisons to the precious metal, which has a $15 trillion market. Bitcoin, at over $2 trillion, still has room to grow.
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Bitcoin Breaks Records Faster Than the Giants
Bitcoin’s climb to a $2 trillion market cap in under 16 years is nothing short of impressive. For perspective, Apple took 42 years to reach that value, and Amazon took 29. The cryptocurrency’s rapid growth highlights its increasing legitimacy. “This price point isn’t just a number,” said Tranchess co-founder Danny Chong. “It’s a testament to Bitcoin’s growing legitimacy and mainstream acceptance.” In a year where Bitcoin’s influence is undeniable, financial institutions like BlackRock and Fidelity have helped propel its rise.
The Road Ahead for Bitcoin
Despite reaching such a major milestone, Wood sees even brighter days ahead. She envisions Bitcoin possibly surpassing $1 million by 2030, a prediction that could further validate its position as the digital gold of the future. Wood also noted that U.S. Federal Reserve Chairman Jerome Powell called Bitcoin “digital gold,” a fitting description given its borderless and digital nature.
At the time of writing, Bitcoin is sitting at $103,156.34.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
