ARK Invest’s CEO Cathie Wood stated that Bitcoin will reach $1 million before 2030. In an interview with the New Zealand Herald on March 7th, Cathie Wood shared new expectations for institutional participation in Bitcoin‘s price increase. She confirms that Bitcoin has transformed since the launch of America’s first spot exchange-traded funds (ETFs).
Bitcoin’s $1 Million Price Target
Speaking in front of a mainstream media audience, the well-known Bitcoin bull doubled down on her current belief in the future of the largest cryptocurrency. She explained that the interest and momentum behind spot ETF funds made ARK reassess how bullish they were on Bitcoin.
Previously, the firm’s price target was focused on reaching $1 million per Bitcoin by 2030. Now, however, the roadmap is changing, and Wood commented on the matter, referencing the regulatory approval by the U.S. Securities and Exchange Commission (SEC):
“This target was before the SEC gave us the green light, and I think that was a significant turning point and moved the timeline forward.”
Wood added that a major brokerage firm like Morgan Stanley, Merryl Lynch, or Bank of America has not yet joined the institutional driving force:
“No platform has approved Bitcoin yet, so all these price movements happened before their approval, and that’s why we haven’t even started. Our target is well above this, and with our new expectations for institutional participation, the price we foresee for institutions has actually more than doubled.”
Striking Statements from a Prominent Figure
Bitcoin, heading towards its weekly close on March 10th, is seeing all-time highs, causing experienced market participants to adjust their expectations. Investors and analysts believe that price discovery will continue in the coming week in parallel with ETF entries, showing no signs of slowing down.
James Van Straten, research and data analyst at crypto analysis firm CryptoSlate, said in a statement that it will be a crazy week and added:
“If Bitcoin can pass 70,000 before the Coinbase circuit breaker occurs, there will be real price discovery.”
Van Straten referred to the turbulence on the United States’ largest exchange, Coinbase, as the BTC/USD pair reached new record levels last week. He also included a snippet from another mainstream interview with BlackRock’s CEO Larry Fink, who currently manages the largest spot Bitcoin ETF fund.
