Ark Invest CEO Cathie Wood is known for her wild price targets. In 2018, she famously predicted that Tesla would hit a pre-split price target of $4,000, representing more than a 1,000% gain at the time, and that prediction came true.

Now, Wood has caught the attention of Bitcoin (CRYPTO: BTC) bulls with a splashy price target on the leading cryptocurrency. The renowned disruptive growth investor sees Bitcoin hitting $1.48 million per token by 2030 in her bull case for the cryptocurrency, or a gain of 33,557% as of Wednesday afternoon. In other words, $1,000 invested in Bitcoin today would be worth $34,557 by 2030, according to Wood.

That would be an astronomical return, but early Bitcoin holders have already experienced such gains. Can Bitcoin deliver those kinds of returns again? Let’s take a closer look at Wood’s bull case for Bitcoin.

Cathie Wood’s Bitcoin thesis

Wood has long been bullish on crypto. Coinbase currently makes up the biggest holding of Ark Invest’s flagship Ark Innovation ETF, and its Ark Next Generation Internet ETF also offers exposure to Bitcoin through its ownership of Grayscale Bitcoin Investment Trust.

As far as her Bitcoin target, Wood has argued that a number of different factors will drive the price higher. First, she sees institutional adoption pushing Bitcoin’s price higher and expects it to be the latest new asset class to gain adoption the way emerging markets and real estate have earlier. She also sees it as an obvious hedge against inflation. It makes more sense for corporations to hold Bitcoin on their balance sheets, rather than holding cash, which loses its purchasing power over time.

As far as utility, Wood expects remittances to be a major market for Bitcoin as well, arguing that sending money across borders with Bitcoin would protect populations from currency swings and hyperinflation.

Is Cathie Wood right about Bitcoin?

Wood’s arguments sound logical, but there are a few things investors should remember before jumping on the bandwagon here. Bitcoin has been around for nearly 15 years, created in early 2009 by the anonymous Satoshi Nakamoto.