Cathie Wood is bullish on Bitcoin despite cutting price target
Veteran investor Cathie Wood is one of the most prolific traders on Wall Street and is counted among the strongest believers in Bitcoin (BTC).
In fact, she once claimed that her investment firm, ARK Invest, was the first public asset manager to gain Bitcoin exposure in 2015, when the leading cryptocurrency wasn’t worth even $500 a coin, and the move was met with sharp criticism from within the industry.
But the leading cryptocurrency kept climbing to new highs, and even while it’s going through a tough season right now, she is still bullish.
Related: Cathie Wood issues sharp Bitcoin prediction after billionaire’s warning
Wood has cut Bitcoin price target over months
In early 2025, Wood predicted that Bitcoin’s price could go as high as $1.5 million in the next five years due to its growing institutionalization.
By then, Wall Street giants such as BlackRock had already begun issuing U.S. spot exchange-traded funds (ETFs) tracking the cryptocurrency. U.S. President Donald Trump had promised a strategic Bitcoin reserve at the federal level.
On Oct. 6, 2025, Bitcoin hit the all-time high of $126,080 but it crashed following the flash crash on Oct. 10.
When the cryptocurrency was struggling to keep afloat the $100,000 mark in early November, Wood lowered her bullish 5-year price target to $1.2 million. However, she said she was “extremely bullish” on Bitcoin and she revised the target to price in the growing popularity of stablecoins.
But she affirmed that Bitcoin’s fundamentals remain strong due to institutional interest, regulatory clarity, and its scarcity-driven model.
“Bitcoin continues to be the most secure and decentralized form of digital money,” she said during a CNBC show on Nov. 6.
Bitcoin failed to recover in the coming months and was struggling to keep above the $80,000 mark in late May this year when Wood again revised her price target.
In an interview with Fox Business on May 25, she predicted that Bitcoin’s price could go as high as $1.25 million in five years due to its institutional demand.
Pension funds, asset managers, and corporations are still in the early stages of allocating capital to Bitcoin, but institutions seeking long-term portfolio returns can no longer ignore the cryptocurrency, she said. Inflation and currency instability also make it a favored asset, she added.
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Wood remains bullish on Bitcoin despite no recovery
A lot has happened since then.
After Michael Saylor’s Strategy (Nasdaq: MSTR), the world’s largest Bitcoin treasury firm, disclosed a sale of 32 BTC on June 1, the cryptocurrency’s price crashed below $60,000 in the next few days.
In fact, the U.S. spot Bitcoin ETFs just had their worst month in June as they posted an outflow of $4.50 billion last month.
While the ongoing Bitcoin winter could be attributed to several high-profile public offerings such as SpaceX (Nasdaq: SPCX), the lack of any progress on the CLARITY Act also hurt the cryptocurrency, as Citigroup analysts recently noted.
But Wood still remains extremely bullish on Bitcoin.
When billionaire investor Philippe Laffont expressed his disappointment with Bitcoin and said investors are pivoting from the cryptocurrency to newly listed AI companies, Wood couldn’t resist defending the king coin.
In an X post on June 27, the veteran investor argued capital outflows from less stable countries will “light another fire” under Bitcoin, and though AI has sucked a lot of oxygen out of the investments, it can’t act as the “insurance policy” protecting wealth that many are seeking right now.
However, not everyone is as bullish on the leading cryptocurrency.
Billionaire investor Jeremy Grantham, best known for calling the dot-com bubble in 2000 and the housing market collapse before the 2008 global financial crisis, recently warned that interest in Bitcoin will gradually fade and over decades, it will crash to “zero.”
Bitcoin isn’t a stable form of value and will “dwindle away… not with a bang, but a whimper,” he made the prediction.
At press time, Bitcoin was trading at $61,705 as per Decibel.
Related: Cathie Wood sends blunt message after Bitcoin crashes
This story was originally published by TheStreet on Jul 2, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.