Cathie Wood, the CEO of asset manager ARK Invest, believes that Bitcoin will reach $1 million before 2030. In an interview with the New Zealand Herald, Wood discussed the increasing institutional involvement in Bitcoin and how it has influenced her outlook on the cryptocurrency’s future. She stated that Bitcoin has transformed since the launch of the first spot exchange-traded funds (ETFs) in the United States. Due to the interest and momentum surrounding these ETFs, ARK Invest has had to reassess its bullish stance on Bitcoin. The previous price target of $1 million per BTC by 2030 is now considered too conservative, and Wood declined to give a specific figure for the new target.
Wood also mentioned that major wirehouses like Morgan Stanley, Merryl Lynch, and Bank of America have not yet embraced Bitcoin, so the price action seen so far is without their participation. As a result, Wood believes that the incremental price assumed for institutions will more than double, further driving up the value of Bitcoin.
As Bitcoin approaches new all-time highs, market participants expect price discovery to continue alongside ETF inflows. James Van Straten, a researcher and data analyst at CryptoSlate, predicted a “wild week” for Bitcoin, and noted that if it can surpass $70,000 before a potential circuit breaker on Coinbase, true price discovery will occur. Van Straten also highlighted an interview with Larry Fink, CEO of asset manager BlackRock, who currently operates the largest spot Bitcoin ETF.
At the time of writing, BTC/USD was trading around $69,500.
Larry Fink’s interview is significant. When the CEO of BlackRock recognizes the potential of Bitcoin, it further solidifies its place in the financial world.
With all the volatility in the cryptocurrency market, it’s hard to believe Bitcoin will ever reach such a sky-high price. 🤔
So, Wood thinks the previous price target of $1 million is too conservative? This just seems like baseless speculation.
Wow, Cathie Wood’s prediction seems incredibly optimistic! 🙄 It’s hard to believe that Bitcoin could reach $1 million in less than 10 years.