Spot Bitcoin ETF issuer ARK Invest’s CEO and CIO Cathie Wood made a bold prediction that the largest cryptocurrency could rise to as much as $3.8 million. This forecast follows Wood’s earlier statement that Bitcoin could reach $1.5 million.
Institutional Investors Essential for Surge
Wood stated that for Bitcoin to reach such an astronomical price, institutional participants would need to allocate at least 5% of their portfolios to the largest cryptocurrency. While Wood did not provide a specific timeline for her prediction, she expressed her belief that it would eventually happen.
In addition to her latest price prediction for Bitcoin, Wood had estimated in November of the previous year that the total market value of the cryptocurrency market could astonishingly reach $25 trillion by the end of 2030.
Furthermore, Wood mentioned the block reward halving occurring in less than a month as one of the key bullish catalysts for Bitcoin this year. The CEO of ARK Invest reiterated her belief that Bitcoin will rise further after the block reward halving, emphasizing that the largest cryptocurrency still has a long way to go.
It is known that ARK Invest was among the companies that received approval from the US Securities and Exchange Commission (SEC) in January to launch a spot Bitcoin ETF in the US. Following the launch of the fund, Wood stated that investors now have a much more accessible route to invest in the largest cryptocurrency and predicted that Bitcoin would continue to take market share from gold.
Current State of Bitcoin
According to data from the crypto data and price platform CoinMarketCap, Bitcoin was trading just above $64,000, at $64,027, at the time this article was written. The current prices correspond to an increase of over 5,800% from Wood’s forecast.
The largest cryptocurrency had reached an all-time high of $73,750 just 9 days ago, on March 14, but has been on a downward trend since then. Market observers point to net outflows from spot ETFs as the driving force behind this decline.
