As Bitcoin [BTC] surges onward, forecasts from ARK Invest CEO Cathie Wood hint at an even more extraordinary trajectory.
Wood’s predictions envision a remarkable price milestone of $1 million for BTC by 2030.
In a recent interview with the New Zealand Herald, Wood delved into the evolving landscape of institutional participation, shedding light on institutions’ pivotal role in driving Bitcoin’s rise.
She noted,
“Bitcoin alone is going to be the biggest part of the entire crypto asset ecosystem.”
Will BTC stand the test of time?
Since the launch of the United States’ first spot exchange-traded funds (ETFs) for Bitcoin, Cathie Wood has highlighted the significant transformation within the cryptocurrency space.
Emphasizing the impact of spot ETFs, Wood noted that even ARK Invest, her own firm, has revised its bullish stance on BTC.
Previously targeting $1 million per BTC by 2030, Wood while acknowledging the regulatory approval, elaborated,
“That target — it was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline.”
Despite this progress, Wood brought up the absence of major institutions like Morgan Stanley, Merrill Lynch, or Bank of America from the institutional push into Bitcoin, highlighting,
“No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we haven’t even begun.”
Given these factors, Wood suggested that the initial $1 million target by 2030 now appears conservative.
Remarking on the same, James Van Straten, a research and data analyst at CryptoSlate, simply said,
“It’s going to be a wild week.”
The ongoing expectations
As Bitcoin continues its upward trajectory to unprecedented highs, traders and analysts will anticipate an ongoing price discovery driven by ETF inflows in the coming week, signaling sustained momentum.
Cathie Wood’s suggestion of a substantially higher target, coupled with James’s emphasis on Bitcoin surpassing $70,000, illustrates the evolving dynamics shaping the cryptocurrency landscape.
