- ARK Invest CEO Cathie Wood predicts Bitcoin will surpass $1 million sooner than 2030.
- Wood attributes the revised forecast to increased institutional involvement and the SEC’s green light for spot ETFs.
- The original $1 million target was set before regulatory approval, and Wood now believes it to be conservative.
Institutional Involvement Accelerates BTC’s Ascent
The CEO of ARK Invest, Cathie Wood, recently unveiled a bold prediction regarding Bitcoin’s future price trajectory. Wood stated that Bitcoin’s price, originally targeted to reach $1 million by 2030, is now expected to surge even higher. This revision comes as a result of heightened institutional involvement, particularly with the recent approval of spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The approval marked a significant milestone, prompting ARK Invest to reassess its bullish stance on Bitcoin.
Wood emphasized the transformative impact of spot ETFs on Bitcoin’s landscape, indicating that the cryptocurrency has evolved since the introduction of these financial instruments. Despite the absence of major wirehouses like Morgan Stanley or Bank of America in the institutional push, Wood expressed confidence in the ongoing momentum generated by the spot ETFs.
Bitcoin’s Wild Week and Continued Price Discovery
As Bitcoin approaches new all-time highs, market participants are witnessing dynamic shifts in expectations. Traders and analysts anticipate ongoing price discovery, driven in part by ETF inflows. James Van Straten, a research and data analyst at CryptoSlate, foresees a “wild week” ahead, especially if Bitcoin surpasses $70,000 before potential disruptions like the Coinbase circuit breaker.
Van Straten referenced statements from Larry Fink, CEO of BlackRock, underscoring the impact of spot Bitcoin ETFs. The current price of BTC/USD stands around $69,500, with the crypto community eagerly anticipating further price exploration.