In a recent interview, Cathie Wood, CEO of Ark Invest, predicted that Bitcoin, the largest cryptocurrency by market capitalization, could hit the remarkable milestone of $1 million by 2030. This bold forecast has sparked discussions within the financial community about the future of digital currencies.
Lyn Alden, an investment strategist and author of the book Broken Money: Why Our Financial System Is Failing Us and How We Can Make It Better, weighed in on Wood’s prediction during her conversation with TheStreet Crypto. While she acknowledges the potential for Bitcoin to reach such heights, Alden suggested a more cautious timeline, proposing that 2035 might be a more realistic target.
“A million-dollar Bitcoin is in the cards,” Alden stated. “If Bitcoin continues to lead as a global digital currency and a portable store of value, that price level makes sense.” However, she tempered her enthusiasm, remarking that achieving this milestone by 2030 could be overly ambitious.
Comparing Bitcoin to gold, Alden expressed optimism about the cryptocurrency’s long-term potential. “I believe Bitcoin could become as large, or even larger, than gold,” she noted. Alden acknowledged gold’s recent market performance but maintained that both assets would likely gain more prominence in the future.
Highlighting Bitcoin’s significance in investment portfolios, Alden advised traditional finance investors to consider adding Bitcoin to their holdings. “Anyone in traditional finance without Bitcoin should have some exposure,” she recommended. “It doesn’t have to be a large allocation, but avoiding Bitcoin is an easy gap to close.”
Even for those uncertain about Bitcoin’s future, Alden believes that a small position could be beneficial. “If you put just 3% of your portfolio into Bitcoin, it’s manageable. If the bullish predictions come true, you’ll be well-positioned,” she concluded.
As the cryptocurrency landscape evolves, predictions like those from Wood and Alden continue to generate interest and debate among investors and analysts alike. With Bitcoin’s trajectory remaining uncertain, many are keeping a close watch on its developments and potential future milestones.