Canadian mining investor and billionaire Frank Giustra criticized Ark Invest CEO Cathie Wood’s high price predictions for Bitcoin with harsh words. While Giustra said he found Wood’s market assessments shameful, the discussion revived the safe haven and store of value debate between gold advocates and cryptocurrency supporters.
Wood’s Bitcoin predictions
Cathie Wood heads investment management firm Ark Invest and has long been known for her optimistic approach towards Bitcoin. In his latest assessment, Wood reiterated his target for Bitcoin of $730,000 in the basic scenario for 2030 and $1,500,000 in the optimistic scenario.
According to Wood, the bull cycle in Bitcoin is still continuing. He also compared the 50% pullback seen in the leading crypto asset to the 85% to 95% declines common in altcoins, calling it a relatively positive picture.
While Wood argued that the Bitcoin bull market continues, he stated that the 50% pullback could be considered a success compared to the much sharper declines seen in altcoins.
Wood’s broader investment thesis features Bitcoin as a form of hedge against currency depreciation. He stated that long-term factors such as increased institutional adoption and clarification of the regulatory framework will continue to support the price of the asset.
Harsh response from Giustra
Frank Giustra, known as one of the strong advocates of physical gold, clearly opposed this optimism in his post on the X platform. Giustra harshly rejected Wood’s comments, arguing that Bitcoin will not go to $1 million.
In response to Cathie Wood’s latest price predictions, Frank Giustra argued that it was a shame to watch these comments and that Bitcoin will not reach $1 million.
This release also received a rapid response from the cryptocurrency community. A user named EDMUND questioned whether future generations will protect their savings by storing gold in the basement or prefer to transfer money across borders without carrying heavy metals. The same user also suggested that older generation investors may not see Bitcoin reach $1 million.
Gold and Bitcoin debate reignited
Giustra, on the other hand, made it clear that he adopted his traditional approach to the criticism. The investor, who humorously described himself as a dinosaur, said that he laughed at such views and asked whether he owned gold.
Admitting that he could be accused of old-school thinking in his last post, Giustra emphasized that his choice was to follow the flow of smart money, not the wave of excitement. Thus, the debate deepened not only around the Bitcoin price, but also around which asset investors consider safer.
