Ark Invest Predicts Bitcoin Could Reach $650,000: A Base Case Scenario

Ark Invest Predicts Bitcoin Could Reach $650,000: A Base Case Scenario

SEC Approval Pending for a Spot Bitcoin ETF

If you are awaiting the approval of a spot Bitcoin ETF, you are likely sharing the sentiment of companies like the futurist investment management firm. CEO Cathie Wood recently noted that there has been a shift in the SEC’s handling of their ETF application. She stated that the agency is now asking questions, rather than outright rejecting their filings as in the past.

This change came as Bitcoin’s price whipsawed throughout the week, surging to $37,900 from $35,200 before plummeting to $35,800 and recovering to $36,000.

Cathie Wood’s Optimistic Bitcoin Price Prediction

Wood believes that the SEC’s potential blessing of a Bitcoin ETF will open the doors for institutional investors to enter the cryptocurrency market. She supports this opinion with the upcoming halving of Bitcoin and the currency’s limited supply of 21 million coins. Wood has predicted a base case of a price of around $650,000 and has emphasized the significant interest from institutional investors in the crypto asset market.

Wood and her firm are staunch supporters of cryptocurrencies, purchasing $100,000 worth of Bitcoin at $250, and they have not sold it since. This was after Wood read Satoshi Nakamoto’s white paper on peer-to-peer electronic cash systems. With today’s Bitcoin prices on exchanges, she is sitting on more than $14 million in unrealized profits.

Continued Bullish Sentiments

Ark Invest remains very optimistic about the future of Bitcoin and other cryptocurrencies, reflecting the sentiment of institutions that have been researching digital assets as a new asset class. A SEC-approved Bitcoin ETF would encourage institutions to enter the market, further driving up the price of Bitcoin. Wood’s prediction of a base case price of $650,000 could be a reality, based on the growth of institutional interest in the market.

Hot Take: Embrace the Potential of a Bitcoin ETF

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It is evident that positive sentiment surrounds the potential for a Bitcoin ETF approval. If you are waiting for SEC approval for a spot Bitcoin ETF, the statements from Cathie Wood and Ark Invest should be validating. The increased institutional interest could finally push Bitcoin prices to new highs, potentially reaching the base prediction of $650,000 and beyond.

Ark Invest Predicts Bitcoin Could Reach $650,000: A Base Case Scenario
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Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.