Cathie Wood, the CEO of ARK Invest, has just escalated her already bullish stance on Bitcoin, projecting a potential rise to an astonishing $1.5 million by the year 2030. This new forecast comes in the wake of the US Securities and Exchange Commission’s groundbreaking decision to approve a series of spot Bitcoin ETFs, marking a significant shift from her previous prediction of $1 million.
In a recent conversation with CNBC, Wood expressed her optimism, highlighting the SEC’s approval as a pivotal moment. “This is a green light,” she remarked, signaling a significant boost in the likelihood of Bitcoin’s bull case scenario. Wood’s confidence in Bitcoin’s trajectory, even in a bearish context, remains strong, with her least optimistic estimate placing the token at $258,500, more than quintupling its current value.
The base case scenario, according to Wood, puts Bitcoin at an impressive $682,800. She emphasizes the careful consideration behind these projections: “You can see the building blocks, you can see how conservative we are in terms of those building blocks,” Wood stated. She views Bitcoin as a groundbreaking innovation, describing it as “the first, global, decentralized, digital, rules-based — critical there — monetary system in history.”
Wood’s ARK Invest, in partnership with 21 Shares, is among the 11 beneficiaries of the SEC’s recent approval for spot Bitcoin ETFs, standing alongside financial titans such as BlackRock, Invesco, and Fidelity. This development has spurred a wave of bullish forecasts across the industry, with many anticipating a significant expansion in Bitcoin’s investor base.
Adding to the chorus of optimistic voices, Tom Lee of Fundstrat predicted earlier this week that Bitcoin could potentially surge to $500,000 within the next five years, driven by the anticipated demand boost from the newly approved ETFs.
Wood’s bold prediction reflects a growing sentiment in the investment community regarding Bitcoin’s potential. As the world’s largest cryptocurrency gains broader acceptance and access through these new ETFs, the stage seems set for a significant shift in its market dynamics and valuation in the coming decade.