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Bitcoin shattered the $100,000 price mark, but ARK CEO Cathie Wood believes the cryptocurrency is still in its “early innings.” With a $2 trillion valuation, Bitcoin’s future remains ripe for exponential growth as a digital asset challenging gold’s dominance.
Bitcoin Surpasses $100K: A Historic Milestone
The CEO of ARK Invest stated that Bitcoin is still in its "early innings," despite the fact that the cryptocurrency achieved a historic milestone on December 5 by breaking the $100,000 price mark.
Even though Bitcoin burst above $100,000, its creator and CEO Cathie Wood still believes in Bitcoin's bright future. ARK is an investing firm that is crypto-friendly.
After US President-elect Donald Trump nominated pro-crypto Paul Atkins to succeed Gary Gensler as head of the Securities and Exchange Commission, Wood went on X on December 5 to congratulate the industry.
She went on to say that Jerome Powell, chair of the Federal Reserve, has likened Bitcoin to digital gold.
Bitcoin’s Market Growth vs. Gold
In his analysis of the Bitcoin industry, Wood drew parallels to the $15 trillion gold market, with an ounce of gold selling for $2,700. There is a lot of room for growth for Bitcoin, which, at its current price of $102,750, has a market worth of over $2 trillion.
In response to Powell's description of Bitcoin as "digital gold," Wood implied that, because of its decentralized and international character, the idea of Bitcoin is more expansive than gold itself. According to her,
“Indeed, ARK Invest believes that Bitcoin is a much bigger idea than gold.”
According to Wood's March prediction, Bitcoin is expected to surpass the $1 million mark by 2030.
Bitcoin’s Journey to $2 Trillion
Cointelegraph shares that Bitcoin did it in just 16 years from the first BTC transaction in January 2009, but Amazon took 29 years to reach a $2 trillion market value.
In 2020, Apple finally achieved a $2 trillion market valuation, making it the second-largest market behind gold, a feat that took nearly 42 years.
According to CoinGecko, the overall market cap for all cryptocurrencies is $3.9 trillion, with Bitcoin accounting for 52.6% of that market at its present price.
Institutional Backing and Bitcoin’s Legitimacy
Danny Chong, co-founder of Tranchess, says that the fact that Bitcoin has broken through to $100,000 and emerged as a $2 trillion asset is not surprising, despite being a major financial milestone for the cryptocurrency sector.
“The proliferation of financial institutions such as BlackRock, Fidelity, Grayscale and others, coupled with Bitcoin ETFs being on the market in 2024, has set up the industry for this moment,” Chong stated, adding:
“This price point isn’t just a number — it’s a testament to Bitcoin’s growing legitimacy and mainstream acceptance."
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