Bitcoin (
BTC
) is set to reach $1 million before the year 2030, according to Cathie Wood, the CEO of asset manager ARK Invest. In an interview with the New Zealand Herald on March 7, Wood discussed the growing expectations for institutional involvement in the price growth of BTC. She confirmed that Bitcoin has evolved significantly since the introduction of the United States’ first spot exchange-traded funds (ETFs). Wood, a well-known Bitcoin enthusiast, reiterated her belief in the future of the largest cryptocurrency. She explained that the interest and momentum surrounding spot ETFs have prompted ARK to reassess its bullish stance on BTC. Previously, the firm’s price target was set at $1 million per bitcoin by 2030. However, Wood stated that this target has been brought forward due to the recent regulatory approval from the Securities and Exchange Commission. She also noted that no major wirehouse, such as Morgan Stanley or Bank of America, has joined the institutional push for Bitcoin yet. With this in mind, Wood stated that $1 million by 2030 now appears too conservative. She revealed that ARK’s new target is well above $1 million, but she did not provide an exact figure. As Bitcoin continues to reach new all-time highs, market participants anticipate a “wild week” ahead. Traders and analysts expect price discovery to continue alongside the inflow of ETFs. James Van Straten, a research and data analyst at CryptoSlate, predicted a turbulent week, referencing recent events at Coinbase and a mainstream interview with BlackRock CEO Larry Fink, who operates the largest spot Bitcoin ETF. At the time of writing, BTC/USD was trading around $69,500. This article does not provide investment advice and readers are encouraged to conduct their own research.
Cathie Wood, prominent Bitcoin advocate, sets ARK Invest's BTC price target as 'significantly surpassing' $1M.