Ark Invest, a U.S. asset manager known for its favorable stance on cryptocurrencies, foresees Bitcoin reaching $1 million before 2030, as CEO Cathie Wood revealed in a recent interview with the New Zealand Herald. Wood, a vocal advocate for Bitcoin, had previously projected a price target of $1.5 million earlier in the year during an interview with CNBC. Even in a conservative scenario, Wood suggested a significant price increase to approximately $258,500.
Cathie Wood makes her $1.5 million bull case for the price of bitcoin by 2030. https://t.co/r34iRNA9bG pic.twitter.com/chWWDH7ioE
— CNBC (@CNBC) January 11, 2024
On January 11, 2024, Wood provided this estimate, coinciding with the approval by the US Securities and Exchange Commission of 11 spot Bitcoin exchange-traded funds (ETFs) for trading.
Wood’s earlier forecasts had targeted $1 million as a price milestone for Bitcoin, and it seems she has reverted to this viewpoint. However, in her most recent interview, Wood hinted that aiming for $1 million by 2030 might even be a conservative estimate.
She explained, “That target—it was set before the SEC gave us the green light, and I believe that was a significant milestone that has accelerated the timeline.”
Wood then mentioned Morgan Stanley, Merrill Lynch, and Bank of America as major financial players who have yet to embrace Bitcoin, suggesting that it’s only a matter of time before they join the trend: “No platform has endorsed Bitcoin yet, so all of this price action has occurred prior to their endorsement, and thus, we are just getting started,” she remarked.
She tantalizingly hinted, “Our target surpasses that; it goes well beyond that,” declining to provide a specific figure but indicating, “Given our updated expectations for institutional participation, the additional price increase we anticipate for institutions has actually more than doubled.”
Could Bitcoin Reach $1 Million in Value Within the Year?
Considering Cathie Wood’s leadership at Ark Invest, widely known for its bullish stance on cryptocurrencies, it’s evident that she maintains a pro-crypto bias, especially given the firm’s launch of a spot Bitcoin ETF and its interest in a spot Ethereum ETF. With Bitcoin currently reaching new all-time highs, it appears that there’s ample potential for a significant bull run in 2024.
This optimism is further fueled by two upcoming events with potentially pivotal impacts on prices. First, in April, we have the quadrennial Bitcoin halving, an event hardcoded into Bitcoin’s protocol that halves miners’ rewards, leading to a decrease in the issuance of new Bitcoin. Historically, this event has been associated with substantial price rallies.
Following this, in May, all eyes are on the SEC’s decision regarding VanEck’s application for a US spot Ethereum ETF. Drawing parallels with past approvals of Bitcoin ETFs, analysts, including those at Standard Chartered, anticipate that the SEC may greenlight a wave of applications on this date.
The potential approval of Ethereum ETFs seems almost inevitable, especially given the precedent set by Bitcoin ETFs. In the event of rejection, applicants could follow the path of Grayscale’s Bitcoin ETF from last year, appealing and potentially succeeding.
Considering Ethereum’s status as one of the most commercially significant blockchains in the crypto space, the introduction of ETFs following Bitcoin’s halving could serve as a catalyst propelling leading cryptocurrencies to unprecedented heights.
