Cathie Wood: ARK Invest Forecasts Bitcoin Price to Surpass $1 Million Sooner than Expected
Crypto friendly American asset manager Ark Invest sees Bitcoin’s price hitting $1 million before 2030, according to CEO Cathie Wood in a recent interview with the New Zealand Herald.
Hard-talking Bitcoin maxi Wood already eyed a projection of $1.5 million earlier this year in an interview with CNBC. At the time, Wood said a “bear case” would still result in a price rise to around $258,500.
Cathie Wood makes her $1.5 million bull case for the price of bitcoin by 2030. https://t.co/r34iRNA9bG pic.twitter.com/chWWDH7ioE
— CNBC (@CNBC) January 11, 2024
Wood gave that estimate on January 11, 2024, the day the US Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETF) to begin trading.
Wood’s previous projections had eyed $1 million as a Bitcoin’s price target and it’s looking like she has returned to this position.
Still, in her latest interview, Wood implied that $1 million by 2030 might even be a conservative estimate.
“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,” she explained.
She then named Morgan Stanley, Merryl Lynch and Bank of America as financial heavyweights that haven’t yet started dealing with Bitcoin, implying that it’s only a matter of time before they join the gravy train: “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,” she said.
“Our target is above that; it’s well above that,” she teased, declining to give a figure but stating that “with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled.”
Considering Cathie Wood helms
