 Bitcoin ‘still in early innings’ at $100K —  ARK’s Cathie Wood 
2024-12-05

Bitcoin has recorded a historic milestone by smashing the $100,000 price mark on Dec. 5, but the cryptocurrency is still in the “early innings,” according to the ARK Invest CEO.
Cathie Wood, founder and CEO of the crypto-friendly investment firm ARK, said that the future of Bitcoin BTCUSD is bright even after BTC broke through $100,000.
Wood took to X on Dec. 5 to congratulate the industry on Donald Trump nominating pro-crypto Paul Atkins to replace Gary Gensler as the new chief of the United States Securities and Exchange Commission.
She also mentioned that US Federal Reserve Chair Jerome Powell described Bitcoin as a digital version of gold, sharing some comparative observations on BTC versus gold.
“Bitcoin is a much bigger idea than gold”
ARK’s Wood looked at the sizes of the Bitcoin market versus spot gold, highlighting that gold is a $15 trillion market at the price of $2,700 per ounce.
Bitcoin, priced at $102,750 at the time of writing, has a market value of roughly $2 trillion, which brings a significant potential compared to gold’s $15 trillion market.
In the context of Powell’s reference to Bitcoin as “digital gold,” Wood hinted that the concept of Bitcoin is bigger than gold, given its digital and borderless nature. She stated:
In March 2024, Wood predicted that Bitcoin is well set to break a $1 million milestone by 2023.
Bitcoin has reached a $2 trillion market cap in 15 years since its launch
While companies like Amazon took 29 years to break a $2 trillion market value, Bitcoin became a $2 trillion asset in less than 16 years since the first BTC transaction occurred in January 2009.
Apple, the second-largest market after gold, took nearly 42 years to reach a $2 trillion market capitalization for the first time in 2020.
At its current price, Bitcoin accounts for 52.6% of the entire crypto market, with the total market cap standing at $3.9 trillion, according to CoinGecko.
Bitcoin’s breakthrough to $100,000 and emergence as a $2 trillion asset is a significant financial milestone for the cryptocurrency market, but it’s not a surprise, according to Tranchess co-founder Danny Chong.
“The proliferation of financial institutions such as BlackRock, Fidelity, Grayscale and others, coupled with Bitcoin ETFs being on the market in 2024, has set up the industry for this moment,” Chong said, adding: