Cathie Wood sees Bitcoin at $1 million sooner than 2030 after record ETF performance

Cathie Wood, CEO of ARK Invest, recently stated that Bitcoin (BTC) will cross the $1 million mark well before the projected year 2030, which was her company’s previous bull case timeline.

This updated price target follows new institutional commitment and major regulatory milestones, most notably the US approval of the first Bitcoin Exchange Traded Funds (ETFs).

Revised outlook

In an interview with the New Zealand Herald on March 7, Wood said the introduction of spot ETFs marked a major turning point, signaling broader adoption and integration of Bitcoin into the traditional financial system.

The SEC approval and subsequent record performance of these ETFs has accelerated the timeline of Bitcoin’s appreciation.

Wood pointed out that major wire houses, such as Morgan Stanley, Merryl Lynch and Bank of America, have not yet joined the institutional push for Bitcoin, suggesting that Bitcoin’s price increase is still on the horizon. She said:

“No platform has approved Bitcoin yet, so all this price action happened before they approved it, so we haven’t even started yet.”

Given the ongoing developments and increased interest in spot ETFs, Wood stated that ARK Invest now believes the original target of $1 million by 2030 is too conservative.

The company has revised its outlook to a figure significantly higher than the initial estimate, driven by new expectations for institutional participation, which could potentially more than double Bitcoin’s incremental price take.

Break ATH

Wood’s prediction is rooted in strong ETF inflows and the possibility of real price discovery if Bitcoin crosses the $70,000 mark without experiencing major technical issues like the one Coinbase faced last week.

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Wood said Bitcoin’s recent price performance signals the changing tides of institutional waters, and she expects the flagship crypto to reach a market cap of $20 trillion in the coming years, which would bring the price per token to just under $1 million.

Her comments come against the backdrop of Bitcoin’s unprecedented spike in the weeks before the halving, which is expected in the second half of April. The flagship crypto briefly set a new all-time high on March 5 and 8, before experiencing an immediate and violent correction both times.

Bitcoin made another attempt to break the $70,000 mark on March 10, but the weekend flows were not enough to cross the threshold. BTC was trading at $69,400 at the time of writing, with a strong demand zone below $69,000 and extreme selling pressure above this range.

Bitcoin Market Data

At the time of printing 21:00 UTC on March 10, 2024Bitcoin is number 1 in terms of market capitalization and so is its price upwards 1.32% in the last 24 hours. Bitcoin has a market capitalization of $1.36 trillion with a 24-hour trading volume of $32.94 billion. Learn more about Bitcoin ›

Summary of the crypto market

At the time of printing 21:00 UTC on March 10, 2024the total crypto market is valued at € $2.62 trillion with a 24 hour volume of $104.94 billion. Bitcoin’s dominance currently stands at 52.02%. Learn more about the crypto market ›

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