Cathie Wood: The aggressive approach is to currently switch from gold to Bitcoin; the optimistic target price for 2030 is $1.5 million.

ARK Invest CEO Cathie Wood recently pointed out that the ratio of gold to M2 money supply has hit a record high, indicating a stage of “irrational exuberance,” while Bitcoin remains in its emerging development phase. Aggressive investors should consider shifting from gold to Bitcoin, and she reiterated her optimistic target price of $1.5 million for Bitcoin by 2030.
(Background: “From $1 million to $3.8 million” — Three reasons why Cathie Wood is bullish on Bitcoin)
(Additional context: Why has gold surged far more than Bitcoin this year, but I’m not worried about BTC?)

Table of Contents

• Gold is “pricing in the worst-case scenario” or in a state of irrational exuberance
• Bitcoin is still in its emerging stage; is it time to rotate?
• Reiterating: the optimistic target price for Bitcoin in 2030 is $1.5 million

ARK Invest CEO Cathie Wood recently shared her latest views on gold and Bitcoin in the podcast “The Rundown,” stating that aggressive investors should consider “switching from gold to Bitcoin now.” This remark has once again sparked market discussions about the capital rotation between these two major stores of value.

Gold is “pricing in the worst-case scenario” or in a state of irrational exuberance

Cathie Wood pointed out that the current price of gold relative to M2 money supply has reached a historic high, surpassing levels seen during the high inflation of the 1970s and the Great Depression of the 1930s—both periods associated with extreme currency collapse or hyperinflation.

However, she believes the macro environment today is entirely different: money supply continues to expand, the economy has not collapsed, and market liquidity remains ample. In this context, gold seems to be “pricing in the worst-case scenario and fears,” entering what she calls a “state of irrational exuberance,” and may face a correction in the future.

Bitcoin remains in its emerging stage; is it time to rotate?

In contrast, Cathie Wood emphasizes that Bitcoin’s situation is completely different. She believes Bitcoin is still in its emerging development phase, not yet fully priced in by the market, with much greater growth potential than gold.

She stated:

“If I were a aggressive investor, I would choose to switch from gold to Bitcoin now.”

This aligns with ARK Invest’s long-term research stance. In their previous 2026 outlook report, ARK highlighted Bitcoin’s low correlation with stocks, bonds, and gold, making it a key diversification tool to improve risk-adjusted returns in a portfolio.

Reiterating: the optimistic target price for Bitcoin in 2030 is $1.5 million

Additionally, Cathie Wood reiterated on the program that her optimistic scenario target price for Bitcoin in 2030 is $1.5 million.

In fact, ARK Invest has been raising its Bitcoin target price in recent years. From a baseline scenario of $1 million in 2023, to an upgraded bull case of $2.3 million in early 2024, and later to a further estimate of $3.8 million. The core logic consistently revolves around increasing institutional allocation, Bitcoin’s scarcity, and its value proposition as “digital gold.”

It is worth noting that recent market discussions about the roles of gold and Bitcoin have been heating up. Some analysts suggest that the two are not necessarily opposed—gold provides stability as a “defensive” asset, while Bitcoin plays an “offensive” role with growth potential. Cathie Wood’s stance undoubtedly tilts the balance further toward Bitcoin.