Wood and Novogratz are considering a $1 million Bitcoin target and the Web3’s potential

By the end of the decade, Wood predicted that the most valuable crypto asset will reach $1 million.

Cathie Wood and Mike Novogratz are bullish Bitcoin and Web3 despite the recent crypto market decline. At the Crypto Bahamas conference today, the two asset management giants got down to discuss the future of Bitcoin and the larger crypto ecosystem. In the past, Wood and Novogratz have been recognised for making high-conviction early bets in crypto, and today they signalled that nothing has changed in their views.

The two spoke about how Bitcoin’s rise has made it more relevant in American politics. Novogratz noted how Galaxy Digital has observed both Democrats and Republicans become more conscious of the need to establish their own crypto strategies, and Wood agreed, saying that Bitcoin has become a bipartisan issue in the U.S. It all comes down to politics, he continued, before predicting that SEC chief Gary Gensler will be under growing pressure to allow a spot Bitcoin ETF in the future.

Wood then spoke about ARK’s latest estimate that Bitcoin may reach $1 million by 2030, which he found interesting. Because Bitcoin has the potential to “usurp 50% of gold’s function,” the disruption it might create in global transfers, and because more nations and firms are likely to follow the lead of El Salvador (and Tesla) by investing in the currency, ARK maintains its ambitious objective. “Countries are going to put Bitcoin in their coffers,” she said.

While Novogratz was more optimistic, he issued a caution about the US economy’s current position. If the United States fails to rein in its record inflation rates, he added, “there’s basically no way we get out of this debt trap without inflating out.” In the long run, I’m a $500,000 man, but I’m also capable of making $1 million at some time. Even if he doesn’t want that to happen in the near term, he remarked.

Also Read: Regulations For Bitcoin And Crypto Pass Senate Vote In Brazil