Cathie Wood, the CEO of ARK Invest, has reiterated her bullish Bitcoin price prediction of $1.5 million by the year 2030.
Cathie Wood, the CEO of ARK Invest, has reiterated her bullish Bitcoin price prediction of $1.5 million by the year 2030. She cites the recent approval of the Bitcoin spot ETF in the US as increasing the "probability of the bull case."
On Thursday, Wood went on CNBC and stated that her base case scenario sees Bitcoin reaching $600,000 by the end of the decade. However, under more optimistic conditions, Wood believes the leading cryptocurrency by market capitalization could surge over 3,000% from current levels and trade at $1.5 million per coin. This revises her previous forecast of $1 million which she gave last year.
Wood points to Bitcoin's expanding fundamentals such as rising hash rate, increasing long-term holder reserves, growth in addresses holding BTC, and now the launch of the spot ETF as driving adoption and usage.
The SEC approval of ETFs backed by actual Bitcoins has been seen as a milestone event by the cryptocurrency industry. At least nine ETFs began trading on US stock exchanges yesterday, sparking immediate enthusiasm. Bitcoin prices shot up 9% in the first hour of trading on Thursday.
ARK Invest is one of the issuers licensed to operate a Bitcoin ETF. Wood claims that while the new spot ETFs will engage in intense competition, she expects the ARK 21Shares Bitcoin Trust ETF to emerge as one of the top performers.
As CEO of the high-profile ARK Innovation ETF, Cathie Wood has attained celebrity-like status in finance circles for her stakes in disruptive tech companies and digital assets like Bitcoin. It is estimated that nearly 25% of her net worth is invested directly in cryptocurrencies, underscoring her measurably positive outlook.
Other forecasters also see a substantial upside in the Bitcoin price, although typically not to the same magnitude as Wood. Earlier this week, analysts at Standard Chartered Bank predicted $200,000 per Bitcoin by 2025 based on comparing the crypto asset's market with the advent of the first gold-backed ETF in 2004.
While only time will tell whether Bitcoin reaches a multi-million dollar valuation, Cathie Wood remains an ardent believer in the network's long-term investment thesis. She stated that Bitcoin represents "a financial super highway" and "public good" that will expand from current levels as adoption continues increasing.
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