Cathie Wood Envisions Bitcoin Surpassing $1.5 Million by 2030 Upon ETF Approval, Emphasizing Green Initiative

Cathie Wood Raises Bitcoin Price Prediction to $1.5 Million by 2030

Cathie Wood, CEO of ARK Invest, has increased her Bitcoin price prediction after the SEC approved spot ETFs. She now believes that Bitcoin could potentially reach $1.5 million by 2030, surpassing her previous projection of $1 million.

Bitcoin ETF Approval Sparks Bullish Sentiment

Wood sees the SEC approval as a positive development and states that it increases the probability of a bullish scenario for Bitcoin. The initial $1 million prediction by ARK was based on factors like hashrate, long-term holder supply, and active addresses, all of which have remained strong. The approval of ETFs has further fueled optimism in the market.

Broader Implications of ETF Approval

Wood emphasizes the broader implications of the ETF approval, describing Bitcoin as a “public good” and a “financial superhighway.” She believes that institutional investors entering through ETFs will have a significant impact on Bitcoin’s price and trajectory. Wood does not expect a “sell-on-the-news” scenario and anticipates substantial inflows from both institutional and retail investors.

Ambitious Vision with Caution

Wood acknowledges short-term volatility but expresses strong long-term confidence in Bitcoin. She believes that the limited supply of 21 million coins will drive future value, even with modest institutional allocation. However, she advises caution due to regulatory uncertainties and potential market bubbles.

A Significant Turning Point

The SEC’s approval of spot Bitcoin ETFs is seen as a significant turning point for the cryptocurrency. While Wood’s price prediction is attention-grabbing, it is just one perspective in a volatile market. Thorough research and risk assessment are essential before making investment decisions.

Hot Take: Bitcoin Surges on ETF Approval, Reaching $49,000

Bitcoin experienced a surge to over $49,000 following the launch of U.S.-listed spot Bitcoin ETFs. This marked its highest point since December 2021. However, the cryptocurrency later retraced its gains and fell below $46,000. The approval of ETFs has generated heightened anticipation in the market.