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Bitcoin bull Cathie Wood: ARK Invest BTC price target ‘well above’ $1M

Bitcoin bull Cathie Wood: ARK Invest BTC price target ‘well above’ $1M WikiBit 2024-03-10 22:25

Bitcoin is expected to hit $1 million before 2030, says ARK Invest's Cathie Wood as ETFs see BTC price targets change drastically.

ARK has “brought forward” its expectations for where Bitcoin will be by 2030, as BTC price strength sees another all-time high in play into the weekly close.

Bitcoin (BTC) will hit $1 million sooner than 2030, the CEO of asset manager ARK Invest has said.

In an interview with the New Zealand Herald on March 7, Cathie Wood revealed “new expectations for institutional involvement” in BTC price growth.

Wood: $1-million 2030 BTC price target has been “brought forward”

Bitcoin has transformed since the launch of the United States first spot exchange-traded funds (ETFs), Cathie Wood confirmed.

Speaking before a mainstream media audience, the well-known Bitcoin bull doubled down on her existing conviction over the largest cryptocurrencys future.

Such is the interest and momentum behind the spot ETFs, she explained, that even ARK itself has been forced to reevaluate how bullish it is on BTC.

Previously, the firms price target focused on $1 million per BTC by 2030. Now, the roadmap is changing.

“That target — it was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline,” she explained, referring to the regulatory nod from U.S. regulator the Securities and Exchange Commission.

Wood continued that no major wirehouse — names such as Morgan Stanley, Merryl Lynch or Bank of America — has yet joined the institutional push.

“No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we havent even begun,” she said.

Taking this into account, $1 million by 2030 now seems too conservative.

“Our target is above that; its well above that, and with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled,” she revealed, declining to give an exact figure for where BTC/USD might end up instead.

Bitcoin prepares for “wild week” near all-time highs

As Bitcoin circles new all-time highs into the March 10 weekly close, plenty of shifts are occurring among seasoned market participants own expectations.

Traders and analysts see price discovery continuing in line with ETF inflows next week, with these showing no signs of slowing yet.

“Its going to be a wild week,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, predicted on X (formerly Twitter).

“If Bitcoin can pass 70k before the Coinbase circuit breaker happens. True price discovery.”

Van Straten referenced turbulence at the largest U.S. exchange, Coinbase, as BTC/USD tapped new record highs last week.

He included a section of another mainstream interview with Larry Fink, CEO of asset manager BlackRock, which currently operates the biggest spot Bitcoin ETF.

BTC/USD traded at around $69,500 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-day chart. Source: TradingView

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