Bitcoin’s recent surge to over $90,000 has caught the attention of both retail and institutional investors. ARK Invest’s Cathie Wood, a long-time supporter of cryptocurrency, believes the digital asset still has significant upside. During an interview with CNBC on Nov. 15, Wood reiterated that, despite Bitcoin’s impressive performance, it has "a long way to go" before reaching its full potential. She added that ARK Invest, which first acquired Bitcoin exposure in 2015 when it was priced at $250, remains confident in the asset’s future trajectory.

Wood attributes Bitcoin’s growing momentum to an expected regulatory relief, particularly under the new U.S. administration. As regulators ease restrictions on digital assets, Wood sees Bitcoin increasingly being recognized as a new asset class, separate from traditional investments. "Institutions are now looking at Bitcoin differently, realizing its potential as a unique asset," she explained.

Despite Bitcoin hitting an all-time high of $93,477 on Nov. 13, it has since experienced a slight pullback. However, Wood remains unfazed by the fluctuations, citing strong on-chain analytics that suggest Bitcoin’s bull market is intact. In fact, following the April halving, Bitcoin’s supply growth has slowed to 0.9%, a rate below that of gold, making it even more attractive as a store of value.

In ARK Invest’s 2023 Big Ideas report , Wood forecasted Bitcoin’s potential to reach as high as $650,000 in the base case scenario by 2030. The firm’s more optimistic bull case envisions a price between $1 million and $1.5 million. These projections highlight ARK’s long-term belief in Bitcoin, despite the asset's short-term volatility.