Crypto:
30251
Bitcoin:
$66.204
% 1.04
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.204
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Cathie Wood Bullish on Bitcoin: $1 Million Target Accelerated by ETFs

Cathie Wood

5Renowned ARK Invest CEO Cathie Wood has predicted that Bitcoin (BTC) will exceed the $1 million milestone well ahead of the previously anticipated year of 2030, marking a significant revision to her firm’s bullish projection.

Wood’s updated price target reflects the growing institutional engagement and notable regulatory advancements, notably including the US approval of the inaugural spot Bitcoin exchange-traded funds (ETFs).

Cathie Wood Bullish on Bitcoin

In an interview with the New Zealand Herald on March 7, Wood emphasized that the introduction of spot ETFs represents a pivotal moment, signifying broader acceptance and integration of Bitcoin within the traditional financial ecosystem.

The recent SEC approval and the subsequent exceptional performance of these ETFs have accelerated the timeline for Bitcoin’s value appreciation.

Wood highlighted that major wirehouses such as Morgan Stanley, Merrill Lynch, or Bank of America have yet to fully embrace the institutional adoption of Bitcoin, indicating that the cryptocurrency’s price surge is still impending. She remarked:

“None of the platforms have endorsed Bitcoin yet, so all of this price action has occurred prior to their endorsement, and thus, we have barely scratched the surface.”

With the ongoing developments and heightened interest in spot ETFs, Wood revealed that ARK Invest now regards the original $1 million target by 2030 as too conservative.

The firm has revised its outlook to a significantly higher figure than the initial projection, fueled by heightened expectations for institutional involvement, which could potentially more than double Bitcoin’s incremental price assumption.


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