Bitcoin (
BTC
) is set to reach $1 million before 2030, according to Cathie Wood, the CEO of asset manager ARK Invest. In an interview with the New Zealand Herald, Wood discussed the increasing institutional involvement in the growth of BTC’s price. She stated that Bitcoin has experienced significant transformation since the launch of the first spot exchange-traded funds (ETFs) in the United States. Wood expressed her unwavering belief in the future of the largest cryptocurrency, citing the interest and momentum behind spot ETFs as a driving factor. Previously, ARK Invest’s price target for BTC was $1 million by 2030, but Wood now believes that this timeline is too conservative due to the recent regulatory approval from the Securities and Exchange Commission. She mentioned that major wirehouses like Morgan Stanley, Merryl Lynch, and Bank of America have not yet joined the institutional push. Wood emphasized that the approval from these platforms will further drive the price of BTC. As Bitcoin approaches new all-time highs, market participants are expecting a “wild week” ahead. Traders and analysts anticipate continued price discovery in line with the inflows of ETFs. James Van Straten, a research and data analyst at CryptoSlate, predicts high volatility due to recent turbulence at Coinbase and mentions a mainstream interview with Larry Fink, CEO of BlackRock, which currently operates the largest spot Bitcoin ETF. At the time of writing, BTC/USD is trading around $69,500.
Cathie Wood, a prominent Bitcoin enthusiast, predicts ARK Invest's BTC price target to exceed $1 million.