Cryptocurrency

ARK Invest CEO Cathie Wood: Our base case for bitcoin is $600,000, bull case $1.5 million by 2030



ARK Invest CEO and CIO Cathie Wood joins ‘Squawk Box’ to discuss the SEC’s approval of bitcoin ETFs, what separates her firm’s bitcoin ETF from that of others, what it means for investors and crypto community at large, news of Hertz trimming its EV fleet & the impact on Tesla, and more.

THAT WILL, THE MAXIMUM NUMBER THAT CAN BE PRINTED. >> OKAY. NOW LET’S TALK PRICING. SHOULDN’T SAY PRICING. BUT THE PRICE OF BITCOIN. YOU AND I HAVE HAD CONVERSATIONS NOW OVER MANY YEARS. WE TALKED ABOUT BITCOIN BEING WORTH SOMETHING ON ORDER OF $500,000 LITERALLY ONLY A COUPLE YEARS FROM NOW.

DO YOU STAND BY THAT? HOW DOES THIS ETF CHANGE THAT? SPEED THAT UP? SLOW IT DOWN? WHAT DO YOU THINK? >> YES. SO YOU’LL FIND IN OUR BIG IDEAS, THAT’S ARK-INVEST.COM, BUILDING BLOCKS FOR OUR PRICE FORECAST. AND OUR BASE CASE IS IN THE 600,000 IT DOLLAR RANGE.

OUR BULL CASE, WE THINK THE PROBABILITY OF THE BULL CASE HAS INCREASED WITH THIS S.E.C. APPROVAL. THIS IS A GREEN LIGHT. OUR BULL CASE IS $1.5 MILLION BY 2030. YOU CAN SEE THE BUILDING BLOCKS. YOU CAN SEE HOW CONSERVATIVE WE ARE IN TERMS OF THOSE BUILDING BLOCKS.

THIS IS A BIG IDEA. IT IS A, IT IS THE FIRST GLOBAL DECENTRALIZED DIGITAL RULES-BASED CRITICAL THERE, RULES-BASED MONETARY SYSTEM IN HISTORY. IT IS A VERY BIG IDEA. >> AND LET ME ASK YOU, THE SEPARATE QUESTION, WHICH IS, DO

YOU BELIEVE THAT IF WE WERE TO GET THAT THOSE TYPE NUMBERS IT HAS TO BECOME A CURRENCY, NOT JUST AN ASSET? ONE OF THE THINGS ARMSTRONG TALKED ABOUT HE THINKS JUST GOING TO CREATE MORE INTERESTING CRYPTO ACROSS THE BOARD. AND THAT THAT IS WHAT’S GOING TO

ACTUALLY PROPEL THIS AND CHANGE THE DYNAMIC WITH WHICH BITCOIN IS USED, WHICH IS CURRENTLY TODAY DIGITAL GOLD ON SOMETHING LIKE THAT. POTENTIALLY ACTUALLY COULD LEAPFROG INTO THE CURRENCY THAT PEOPLE TALKED ABOUT FOR MANY YEARS? >> YES. OUR FIRST PAPER ON THIS WAS IN 2015.

THE WHITE PAPER STILL ON OUR SITE. AND WE TRIED TO FIGURE OUT, COULD BITCOIN SERVE THE THREE ROLES OF MONEY. STORE UP VALUE, YOU SAY MOST PEOPLE AGREE WITH THAT ONE. MEANS OF EXCHANGE. UNIT OF ACCOUNT. THE ANSWER TO THAT WAS, YES.

WE PUT OUT A BITCOIN BRAINSTORM WITH OUR PARTNER BITCOIN PARK IN NASHVILLE, AND IT EXAMINES THE CONVERGENCE OF ARTIFICIAL INTELLIGENCE AND BITCOIN, AND YOU’LL HEAR, NICKNAMED ROAST BEEF, ON THAT PODCAST, TALK ABOUT THAT CONVERGENCE AND HOW IT’S GOING TO REDEFINE THE DIVISION OF LABOR.

PROBABLY GOING TO PUT THE GIG AECONOMY ON STEROIDS AND IT’S STARTING ALREADY IN THE EMERGING MARKETS. IN AFRICA. IN PARTICULAR. SO IT’S VERY EXCITING. I DON’T THINK PEOPLE UNDERSTAND HOW HARD AT WORK THE DEVELOPERS AROUND THE WORLD HAVE BEEN. LIGHTNING NETWORK IS A BIG PART OF LEVERAGING.

LEVERAGING THE BASE LAYER OF

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