As Bitcoin (CRYPTO: BTC) crossed the $100,000 mark for the first time, Cathie Wood on Thursday said Ark Invest “believes Bitcoin is a much bigger idea than gold!”
What Happened: On X, Wood, a well-known Bitcoin advocate, celebrated the cryptocurrency’s historic rally, which saw it trading at $102,868, a 133.13% increase within the year.
She marked the day as a significant milestone for Bitcoin and digital property rights, expressing her optimism about the approach of incoming SEC Chairman Paul Atkins towards digital assets.
Wood quoted Fed Chair Powell’s description of Bitcoin as a “virtual, digital version of gold.” She pointed out that while gold, priced at $2,700, represents a $15 trillion market, Bitcoin, even after crossing the $100,000 mark, is only a $2 trillion market. “Even after breaking through $100,000, bitcoin still is in early innings,” she stated.
The surge in Bitcoin’s value was triggered following the victory of President-elect Donald Trump last month, with the asset witnessing over 50% increase since the event.
Why It Matters: The recent surge in Bitcoin’s value has been a topic of speculation and anticipation for several months. In June, Standard Chartered predicted that Bitcoin could reach $100,000 by the end of the year, with the potential to hit $150,000 if Trump won the U.S. presidential election. This forecast has now been realized, with Bitcoin’s value surpassing the $100,000 mark and it could now be headed for the $150,000 mark.
Earlier in September, SkyBridge Capital’s Anthony Scaramucci also predicted that Bitcoin could reach $150,000-$200,000 as the total number of Bitcoin wallets approached one billion. With Bitcoin’s value now exceeding $100,000, Scaramucci’s forecast may also be within reach.
Despite the recent surge, a Q4 2024 Crypto Investment Manager Survey by MV Global showed that a group of venture capital firms and hedge funds expected Bitcoin to peak between $100,000 and $150,000 this bull cycle, a prediction that seems to be aligning with the current market trend.
Meanwhile, ARK 21Shares Bitcoin ETF (BATS:ARKB) which provides exposure to Bitcoin which is kept in cold storage was up 3.47% during pre-market hours.
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Image via Ark Invest
