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Cathie Wood Says Bitcoin Price Will Hit $1 Million by 2030

Last Updated March 11, 2024 8:50 AM
Teuta Franjkovic
Last Updated March 11, 2024 8:50 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • ARK Invest expects Bitcoin to reach $1 million sooner than 2030.
  • Cathie Wood see US spot Bitcoin ETFs as a major driver for Bitcoin’s growth.
  • Analysts predict BTC will continue its upward trend with ongoing ETF inflows, potentially reaching new record highs.

ARK Invest has revised its projections for Bitcoin, anticipating it will reach the $1 million mark before the year 2030.

This adjustment in the forecast came as Bitcoin demonstrated robust price performance , nearing a series of all-time highs.

ARK’s Increased Optimism Following US Spot ETF Launch

According to the CEO of ARK Invest, Bitcoin’s milestone achievement is expected sooner than previously anticipated. During an interview  with the New Zealand Herald on March 7, ARK boss Cathie Wood shared insights on “revised projections for institutional participation” in the growth of Bitcoin’s price.

Cathie Wood has acknowledged the impact of the United States launching its first spot Bitcoin exchange-traded funds (ETFs). In her remarks, the prominent supporter of Bitcoin reaffirmed her strong belief in the cryptocurrency’s future prospects.

Wood pointed out the remarkable enthusiasm and momentum generated by the spot ETFs, compelling ARK Invest to reassess its optimistic stance on Bitcoin. While the firm previously set a price target of $1 million for Bitcoin by 2030, the introduction of spot ETFs has prompted a revision of this forecast, indicating a more bullish outlook for the cryptocurrency’s trajectory.

Suggesting Revised BTC Price Target, Citing SEC Approval as Catalyst

Wood explained  that the previous price target for Bitcoin was set before the United States Securities and Exchange Commission (SEC)  granted its approval, a move she considers a significant milestone that has accelerated the cryptocurrency’s timeline.

Despite the absence of major financial institutions like Morgan Stanley, Merryl Lynch, or Bank of America from the institutional adoption of Bitcoin, the market has already witnessed substantial price movements.

Wood pointed out  that these developments have occurred even before any major platform has officially endorsed Bitcoin, suggesting that the real momentum is yet to kick in. Given these factors, she believes that the initial projection of Bitcoin reaching $1 million by 2030 now appears too modest.

Even though she refused to give an exact figure for where BTC/USD might end up instead, Wood confirmed: 

“Our target is above that; it’s well above that, and with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled.”

Bitcoin Eyes New Highs on ETF Buzz

As Bitcoin reaches new record highs, notable changes are unfolding in the expectations  of experienced market players.

Analysts and traders anticipate that the trend of price discovery will persist, driven by ongoing inflows into exchange-traded funds (ETFs) that show no sign of diminishing. James Van Straten, a research and data analyst at CryptoSlate said : “Expect a dynamic week ahead.”

Van Straten highlighted recent volatility at Coinbase, the largest U.S. exchange, coinciding with Bitcoin reaching new highs last week.

He also mentioned insights from a recent interview with Larry Fink, CEO of BlackRock, which manages the largest spot Bitcoin ETF.

At the time of reporting, Bitcoin’s price  hovered around $71,362.

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