Cathie Wood, ARK Invest’s CEO, has reaffirmed her optimistic Bitcoin price forecast of $1.5 million by 2030, pointing to the recent approval of the Bitcoin spot ETF in the US as a factor enhancing the likelihood of a bullish scenario.
On Thursday, Cathie Wood stated on CNBC that her base case envisions Bitcoin reaching $600,000 by the decade’s end. However, under more optimistic conditions, she sees the leading cryptocurrency surging over 3,000%, hitting $1.5 million per coin—revising her previous $1 million forecast from last year.
Wood attributes this optimism to Bitcoin’s growing fundamentals, including a rising hash rate, increasing long-term holder reserves, growth in BTC-holding addresses, and the recent launch of the spot ETF, driving adoption and usage.
The SEC’s approval of ETFs backed by actual Bitcoins is considered a milestone in the cryptocurrency industry. Nine ETFs began trading on US stock exchanges, leading to a 9% surge in Bitcoin prices within the first hour of Thursday’s trading.
As an issuer licensed for a Bitcoin ETF, ARK Invest anticipates intense competition. Wood expects the ARK 21Shares Bitcoin Trust ETF to be among the top performers in this competitive landscape.
As the CEO of ARK Innovation ETF, Cathie Wood has achieved celebrity-like status in finance circles, attributed to her investments in disruptive tech firms and digital assets like Bitcoin. Approximately 25% of her net worth is estimated to be directly invested in cryptocurrencies, reflecting her notably positive outlook.
Although other forecasters also predict a substantial upside in Bitcoin’s price, they generally don’t project it to the same extent as Wood. Earlier this week, Standard Chartered Bank analysts forecasted $200,000 per Bitcoin by 2025, drawing parallels with the crypto asset’s market evolution and the emergence of the first gold-backed ETF in 2004.
While the ultimate valuation of Bitcoin remains uncertain, Cathie Wood maintains a steadfast belief in the network’s long-term investment thesis. She describes Bitcoin as a “financial super highway” and a “public good,” anticipating its expansion with increasing adoption.
