1 Top Cryptocurrency to Buy Before It Soars 2,700%, According to Cathie Wood

Cathie Wood is renowned for her bold predictions. Her Ark Innovation ETF has focused on investing in some of the fastest-growing companies globally, driven by her long-term vision of where the world is headed. One area where Wood is particularly optimistic is cryptocurrencies, with a notable $1.5 million price target for a specific crypto asset.

Cathie Wood's Favorite Established Cryptocurrency

The cryptocurrency industry is no stranger to ambitious forecasts about its future. In 2022, Wood was a vocal advocate of Bitcoin, fully embracing its potential. "Bitcoin is truly a money revolution," she stated, underscoring her belief in its transformative power.

At the time, Bitcoin (CRYPTO: BTC) was trading between $15,000 and $20,000, following the collapse of the FTX exchange. Cathie Wood made a bold prediction that Bitcoin could reach $1.3 million by the end of 2023. While that specific forecast didn’t come to pass, Bitcoin’s price did see a significant increase.

By the close of 2023, Bitcoin was trading above $40,000. Though Wood didn’t hit the exact target, she was spot on in predicting the general upward trend of Bitcoin’s value.

What makes Wood’s recent predictions even more compelling is her long-term outlook. Earlier this year, she forecasted that Bitcoin could reach $1.5 million by the end of 2030 — approximately 2,700% higher than its current price of around $54,000. But that’s not all. This projection doesn’t take into account the potential for increased institutional involvement.

"We've set our bull case for Bitcoin at $1.5 million," she told Investor's Business Daily. However, she added that if institutional investors were to allocate just 5% of their portfolios to Bitcoin, "that alone would add $2.3 million to the projection I just gave you."

How Much Upside Does Bitcoin Really Have?

Wood isn’t alone in her belief that Bitcoin has immense long-term potential, despite the fact that her short-term targets haven’t always materialized. Venture capitalist Tim Draper, known for his early investments in Twitter, Coinbase, Tesla, and SpaceX, predicted in 2018 that Bitcoin would hit $250,000 by 2022. While that timeline didn’t come to fruition, it reflects the optimism that many in the financial world still hold for Bitcoin’s future.

Bitcoin didn't reach the highs predicted for 2022, but its value did increase by roughly 1,000% between 2018 and 2022. Similar to Cathie Wood, Tim Draper’s prediction captured the correct trajectory, though not the exact magnitude.

Like Wood, Draper remains a strong long-term believer in Bitcoin. In a recent interview, he stood by his $250,000 price target, stating, "When I made that prediction, I didn’t anticipate how fearful and outdated the thinking in the U.S. would be," referring to the slower-than-expected adoption by institutional investors. He added, "I still believe the $250,000 mark will be reached soon, and I’m sticking with that figure. In fact, I think once it hits $250,000, it could go far beyond that."