Ark Invest CEO Cathie Wood has reignited the Bitcoin versus gold debate by raising her long-term Bitcoin price target to as much as $1.5 million, a forecast that drew sharp criticism from mining billionaire and gold advocate Frank Giustra.
Wood, speaking on June 3, reaffirmed a base-case Bitcoin target of roughly $730,000 and a bull-case scenario of $1.5 million by 2030. She argued that institutional capital remains largely underexposed to the cryptocurrency, and that pension funds, asset managers, and corporations are only beginning to allocate to Bitcoin. In her view, Bitcoin is a protection against currency debasement and could capture a growing share of the store-of-value market, especially as younger generations prefer digital assets.
Giustra, known for his support of physical gold, dismissed the forecast on X, stating “BTC ain’t going to $1mill.” He described the projections as “embarrassing” and indicated he follows “smart money” over market hype. The exchange triggered a wave of replies from crypto supporters, who argued digital assets offer advantages in transferring wealth and thriving in a digital economy.
The debate unfolded while Bitcoin traded near $67,000, down sharply from the $80,000 range, amid ETF outflows, geopolitical tensions, and waves of long liquidations.
