Cathie Wood, a long-time Bitcoin bull and champion of technological disruption, took to X (formerly Twitter) on May 14 to heap praise on one of her most admired entrepreneurs Elon Musk.
“History will look kindly, much more than kindly, on Elon Musk’s profound contributions to the US and to humanity,” wrote Wood, CEO of ARK Invest. “What were his haters thinking?”
Wood, who has consistently invested in innovation-driven companies through ARK’s ETFs — including Tesla (NASDAQ: TSLA), Coinbase, and more recently Bitcoin ETFs — has long admired Musk’s bold bets on technology, space, energy, and artificial intelligence.
Her tweet was a quote response to a viral post by the account Mirthful Moments, which listed a cascade of Elon Musk’s contributions to science, industry, and society, satirically paired with critics’ dismissive reactions.
The post — which quickly gained traction — resonates with Wood’s own investment philosophy: that innovation is often misunderstood or ridiculed in the moment, only to be vindicated by history.
Wood says BTC still has ‘miles to go’
Wood is a fan of Bitcoin and isn’t backing down from her ultra-bullish Bitcoin bet.
In a recent CNBC interview, the ARK Invest CEO reaffirmed her long-term view that Bitcoin still has massive upside ahead, citing limited supply and rising institutional interest as key catalysts.
“We think we have miles to go,” Wood said, pointing to Bitcoin’s growth potential across several fronts. “Institutions are just testing the waters right now – and then there’s the emerging market use cases as well.”
Wood laid out two price targets for BTC in 2030: a base-case scenario of $700,000 to $750,000 and a bull-case scenario of $1.5 million. At today’s price of around $103,970, her base-case prediction represents a roughly 573% increase.
She explained how ARK’s internal research breaks down the building blocks of Bitcoin’s expected growth. “You can see the building blocks – how much share we expect Bitcoin to either take from gold or grow that store-of-value market, institutions moving in… we have a million more coins, roughly, to be minted ever,” she said.
Last year, ARK Invest launched its ARK 21Shares Bitcoin ETF (ARKB). As of now, the firm holds 48,363 BTC worth approximately $5 billion, according to Bitcoin Treasuries.
As per Kraken's price feed, Bitcoin (BTC) is trading at $102,908, down 0.9% in the past 24 hours.