Bitcoin at $1 million: Cathie Wood revises her prediction, deadline advanced

Cathie Wood, CEO of ARK Invest, has stated that the price of Bitcoin could exceed 1 million dollars before 2030, thus revising her asset management company’s earlier predictions. This announcement comes as the launch of the first US Bitcoin Spot ETFs has sparked a renewed interest from institutional investors.

The Bitcoin Spot ETFs, a Decisive Turning Point According to Cathie Wood

For several months now, Cathie Wood has remained convinced that the price of Bitcoin will soar. The head of the investment firm specializing in crypto-assets, ARK Invest, had already made her predictions about the valuation of Bitcoin, estimating that it would reach 1 million dollars before even Gary Gensler, the chairman of the SEC, gave the green light to Bitcoin Spot ETFs.

In an interview with the New Zealand Herald on March 7, Cathie Wood explained that the approval of Bitcoin Spot ETFs by the US Securities and Exchange Commission (SEC) was a pivotal moment.

“This target [of 1 million dollars] was set before the SEC gave us the green light, and I believe that it is a significant milestone that has moved our timeline forward,” she stated.

The arrival of these ETFs has fundamentally changed the landscape of crypto investment, compelling ARK Invest to re-evaluate its stance on BTC and adjust its price forecasts accordingly. 

According to Ms. Wood, the initial 1 million dollar target by 2030 now seems too conservative in light of the interest generated by the Spot ETFs.

Institutional Adoption, the Engine of BTC Price Growth

Despite its meteoric rise, Bitcoin might just be at its beginning, according to the CEO of ARK Invest. The firm believes that the growing involvement of traditional financial institutions will be the main driver of the Bitcoin price increase in the coming years.

Ms. Wood points out that none of the major players, like Morgan Stanley, Merrill Lynch, or Bank of America, has yet fully integrated BTC into its offerings. The current absence of Wall Street heavyweights suggests a strong potential for growth as these players become involved.

“None of the big brokerages have said yes to Bitcoin yet, so all the price movements have happened before they say yes. We are just at the beginning“, she emphasizes.

This perspective of increased institutional involvement is a key factor in ARK Invest’s upward revision of price forecasts. The company’s analysis indicates that the impact on price from institutional investors could be significantly higher than previously estimated. A sentiment change that is not limited to ARK Invest, as the market reacts enthusiastically to the launch of the Bitcoin spot ETFs.

Meanwhile, Bitcoin is flirting with new records, reaching close to $70,000 at the time of writing this article. Traders and analysts anticipate a continuation of price discovery, alongside the influx of investments into Spot ETFs. This week promises to be a tumultuous one, with BTC exploring price levels never seen before.