Cathie Wood, the CEO of ARK Invest, a prominent asset management firm, has revised her expectations for Bitcoin’s future, stating in an interview with the New Zealand Herald on March 7 that she anticipates Bitcoin to reach $1 million well before the initial targeted year of 2030.
Wood highlighted the transformative impact of the launch of the United States’ first spot exchange-traded funds (ETFs) on Bitcoin. The recent regulatory approval by the Securities and Exchange Commission (SEC) for spot ETFs has accelerated ARK Invest’s timeline for Bitcoin’s price growth. The firm had previously set a target of $1 million per Bitcoin by 2030, but Wood indicated that this goal now seems too conservative.
The CEO emphasized the significance of institutional involvement and pointed out that major wirehouses like Morgan Stanley, Merrill Lynch, and Bank of America have not yet joined the institutional push for Bitcoin. Wood stated, “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.”
With the new expectations for increased institutional involvement, Wood revealed that ARK Invest’s target for Bitcoin’s price is now “well above” $1 million, surpassing the previous target. However, she refrained from providing an exact figure for the revised target.
As Bitcoin approaches new all-time highs, market participants are witnessing shifts in expectations. Traders and analysts anticipate continued price discovery, driven by ETF inflows. Despite the potential for a “wild week,” with Bitcoin trading around $69,500 at the time of writing, the positive sentiment and momentum in the market remain strong.