Ark Invest CEO Cathie Wood Raises Likelihood of Bitcoin Price Hitting $1.5 Million
Cathie Wood, CEO of Ark Investment Management (Ark Invest), spoke out again on Thursday on her bitcoin price predictions, following the U.S. Securities and Exchange Commission's (SEC) approval of 11 traded funds on the stock exchange (ETF) spot on bitcoin.
Ark Invest Sees Increased Likelihood of Bitcoin Hitting $1.5 Million
Referring to Ark's Big Ideas 2023, the asset management firm's annual report which highlights “the technological breakthroughs taking place today and the potential for super-exponential growth in the future”, Wood said: Our base case is around $600,000 for the price of bitcoin. Ark’s “bull case” predicts that the BTC price will reach $1.48 million per coin. Wood explained
“We think the likelihood of a bull case has increased with this ETF approval, it's a green light. Our bull case is $1.5 million by 2030.”
“It's a big idea. It's the first rules-based… digital decentralized currency system in history. It's a very big idea,” said the head of Ark Invest.
Ark and 21shares' proposed spot bitcoin ETF was one of 11 spot bitcoin ETFs approved by the SEC on Wednesday. On the first day of trading, spot bitcoin ETFs reached $4.6 billion in trading volume. Blackrock, the world's largest asset manager, debuted its Ishares Bitcoin Trust, with a trading volume of $1 billion.
Wood recently said she expected spot bitcoin ETFs to attract “considerable” institutional financial flows into bitcoin and “strongly increase” the price of BTC. Despite approving 11 spot bitcoin ETFs, SEC Chairman Gary Gensler stressed that the agency has not approved or advocated for bitcoin.
What do you think of the bitcoin price predictions from Cathie Wood, CEO of Ark Invest? Let us know in the comments box below.