ARK Invest Predicts Bitcoin to Reach $1.25 Million in Next Five Years

Cathie Wood's ARK Invest is heavily invested in cryptocurrencies, particularly Bitcoin. As the founder and CEO of Ark Invest, Wood expects Bitcoin's price to surge due to increasing institutional investor interest.

Ark's flagship ETFs hold shares of crypto stocks such as Coinbase and Robinhood, while its ARK 21Shares Bitcoin ETF gives investors direct exposure to Bitcoin. Wood believes that Bitcoin, currently trading at around $79,000, could reach nearly $1.25 million within the next five years.

This would be a significant increase from its current market cap of $1.6 trillion, boosting it to $25.1 trillion. To put this into perspective, gold's market cap is currently around $31.3 trillion.

Wood cites several factors that could drive Bitcoin's price up, including its scarcity and the fact that it's still mined with an energy-intensive proof-of-work consensus mechanism.