Cathie Wood Reveals Astonishing Bitcoin Price Targets
Wood disclosed that her company’s prediction for Bitcoin to hit USD $1M has been brought in from their original forecast of 2030.
Wood cites growing institutional interest, thanks to the SEC greenlighting Bitcoin ETFs, as a key reason.
After a bit of back-and-forth between crypto exchanges and media outlets on whether BTC hit an all-time high – there can be no denying it anymore. The digital currency juggernaut once and for all eclipsed its previous 2021 peak earlier this week after institutional interest continued to intensify.
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However, according to CEO of Ark Invest Cathie Wood – who operates one of the 11 spot Bitcoin ETFs – USD $70K (AUD $105K) is just the beginning.
Bitcoin (BTC), weekly chart, source: CoinMarketCap
$1M By 2030? Think Sooner
Bitcoin hitting USD $1M ($AUD 1.5M) may seem like an optimistic prediction, even for an extreme BTC bull. Originally, Cathie Wood and her company (Ark Invest) set out a roadmap where they believed the digital currency would snap the 7-digit mark by the end of the decade. Reaching this milestone would require gains of 1,328% over the next 6-7 years (about 200% per year).
However, according to Wood, 2030 is now an extremely conservative estimate. In an interview with the New Zealand Herald, Wood said:
That target [of 2030] was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline.
Although Cathie Wood didn’t provide any specifics on when she believes Bitcoin may burst through the 7-digit USD barrier, she was firm that it is coming well before the end of the decade.
Our target is…well above that, and with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled.
Cathie Wood also believes the short-term frenzy is far from over, as more and more institutional firms are set to enter the fray.
Related: Bitcoin Briefly Hits New All-Time Highs Amid Ethereum ETF Rumours
She noted that several major brokerages/securities dealers in the United States have so far steered clear of digital currencies. But given the success of BlackRock, Fidelity and Ark Invest’s products, it’s only a matter of time before they join the party.
Right now, no wirehouse – whether we’re talking about Morgan Stanley, or UBS, or Wells Fargo… no platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we haven’t even begun.
The post Cathie Wood Reveals Astonishing Bitcoin Price Targets appeared first on Crypto News Australia.
Filed under: Bitcoin - @ March 11, 2024 7:00 pm