Cathie Wood, CEO of ARK Invest, recently said that Bitcoin (BTC) will surpass the $1 million mark well ahead of the projected year of 2030, which was her company's previous bullish timeline.
This updated price target results from new institutional involvement and significant regulatory milestones, particularly the U.S. approval of the first spot Bitcoin exchange-traded fund (ETF).
Revised outlook
In an interview with the New Zealand Herald on March 7, Wood said the introduction of spot ETFs marked a major turning point, signaling broader acceptance and integration of Bitcoin into the traditional financial system.
The SEC's approval and the resulting record performance of these ETFs accelerated the timeline for Bitcoin's value appreciation.
Wood pointed out that major wire companies, like Morgan Stanley, Merryl Lynch or Bank of America, have not yet joined the institutional push for Bitcoin, suggesting that the Bitcoin price surge is still at stake. horizon. She says:
“No platform has approved Bitcoin yet, so all this price action happened before they approved it, and so we haven't even started.”
With ongoing developments and increased interest in spot ETFs, Wood said ARK Invest now views the original target of $1 million by 2030 as too conservative.
The company revised its outlook to a figure significantly higher than the initial estimate, due to new expectations for institutional participation, which could potentially more than double Bitcoin's incremental price assumption.
Breaking the ATH
Wood's prediction is based on strong ETF inflows and the possibility of true price discovery if Bitcoin surpasses the $70,000 mark without encountering major technical issues like those Coinbase faced last week .
Wood said Bitcoin's recent price performance signifies the changing tide of institutional waters, and she expects the flagship crypto to reach a market cap of $20 trillion in the next few years, which would bring its price per token at just under $1 million.
His comments come against the backdrop of a new all-time high for Bitcoin just weeks before the halving, which is expected in the second half of April. The flagship crypto briefly set a new all-time high on March 5 and 8 before experiencing an immediate and violent correction each time.
Bitcoin attempted to surpass $70,000 again on March 10, but weekend flows were not enough to push it over the threshold. BTC was trading at $69,400 at press time, with a strong demand zone below the $69,000 mark and extreme selling pressure above the range.
Bitcoin Market Data
At the time of going to press 9:00 p.m. UTC March 10, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 1.32% in the last 24 hours. Bitcoin has a market capitalization of $1.36 trillion with a 24-hour trading volume of $32.94 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of going to press 9:00 p.m. UTC March 10, 2024the total crypto market is valued at $2.62 trillion with a 24 hour volume of $104.94 billion. Bitcoin dominance is currently at 52.02%. Learn more about the cryptocurrency market ›