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.
I can’t wait to see if Bitcoin can surpass $70,000 before the potential circuit breaker on Coinbase. It could be a turning point for true price discovery.
I’ll believe Bitcoin will reach $1 million when I see it. Until then, I remain skeptical.
The fact that Wood believes the incremental price for institutions will more than double shows how uncertain she is about Bitcoin’s future.
The future of Bitcoin is full of potential and possibilities. The market is constantly evolving, and it’s exciting to be a part of this digital revolution. 🌌
It’s great to see that ARK Invest is adapting and reassessing their stance on Bitcoin. They are staying ahead of the game and exploring new possibilities for growth.
The ongoing price discovery for Bitcoin, alongside ETF inflows, adds an element of excitement and opportunity for investors. It’s like uncovering hidden treasures!
It’s hard to take Wood’s claims seriously when major financial institutions like Morgan Stanley and Bank of America haven’t embraced Bitcoin.
The future of Bitcoin is filled with endless possibilities. It’s an exciting time to be part of this groundbreaking technology and witness its growth.
Wow, Cathie Wood is really optimistic about Bitcoin’s future! $1 million per BTC by 2030 sounds incredible! 🚀