Bitcoin to Hit $1 Million Prior to 2030, Predicts ARK Invest's CEO Cathie Wood
Summary:
ARK Invest's CEO, Cathie Wood, anticipates Bitcoin value to soar up to $1 million before 2030, earlier than previously expected, driven by increasing institutional interest. Discussing her revised forecast, Wood emphasized that the current interest in Bitcoin and its transformation is unprecedented, especially since approval from major platforms and full-fledged institutional involvement is yet to take place. With Bitcoin nearing new all-time highs, market experts expect continual shifts in price discovery.
According to the CEO of wealth management firm ARK Invest, Bitcoin (BTC) is anticipated to reach a value of $1 million before the year 2030, sooner than previously anticipated. In an interview with the New Zealand Herald on the 7th of March, Cathie Wood discussed the increasing institutional interest contributing to BTC's appreciated value.
Since the introduction of the U.S.'s first spot exchange-traded funds (ETFs) focussed on bitcoin, Wood confirms Bitcoin has witnessed a remarkable transformation. Speaking to a mainstream audience, the renowned cryptocurrency advocate continued to express her strong belief in the future of this leading digital currency.
Wood explained that the interest and drive behind the spot ETFs have even forced ARK to reassess their Bitcoin outlook. Previously, ARK predicted Bitcoin hitting a price target of $1 million per Bitcoin by 2030, however, that timeline is now revised.
This new target came into place after receiving approval from the SEC, significantly accelerating the timeline, Wood explained. She also pointed out that major financial firms such as Morgan Stanley, Merryl Lynch or Bank of America have yet to join the institutional surge towards Bitcoin, as no major platforms have yet approved it.
She stated that the current price shifts have occurred prior to its approval. So, the real financial boom hasn’t even started, she added. Given these considerations, the goal of $1 million by 2030 appears undercooked.
"Our revised target exceeds the earlier prediction, and our new institutional involvement estimates show that our institutional price predictions have over doubled," Wood disclosed, though she stopped short of giving a specific number for the potential BTC/USD value.
As Bitcoin approaches new all-time highs around the 10th March weekly closure, many experienced players in the market anticipation their own expectations to shift. Traders and analysts expecting an escalation of price discovery alongside ETF cash inflows show no signs of slowing.
James Van Straten, research and data analyst at CryptoSlate, a firm providing insights into cryptocurrency, has anticipated a tumultuous week ahead, on the platform X (formerly Twitter). He predicts Bitcoin's value to cross the $70,000 mark soon.
Referencing recent volatility at Coinbase, the leading U.S. cryptocurrency exchange, Van Straten highlighted Bitcoin hitting new highs last week. Moreover, he referenced a part of Larry Fink's interview, CEO of the asset management firm BlackRock, which currently operates the largest spot Bitcoin ETF.
At the point of writing, data from Cointelegraph Markets Pro and TradingView reveals that BTC/USD have been trading at nearly $69,500.
Note: This blog hasn't included any investment advice or recommendations. Each financial decision and trade involves risk, hence, readers are suggested to do their own research before investing or trading.
Published At
3/10/2024 5:25:00 PM
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