According to the CEO of asset manager ARK Invest, bitcoin will reach $1 million before 2030.Cathie Wood stated that there are “new expectations for institutional involvement” in the rise in Bitcoin prices in an interview with the New Zealand Herald on March 7.
Since the first spot exchange-traded funds (ETFs) were introduced in the US, bitcoin has changed, according to Cathie Wood.Speaking to a crowd of mainstream journalists, the well-known supporter of Bitcoin reiterated her belief in the future of the biggest cryptocurrency.She clarified that ARK itself was compelled to reassess its level of bullishness on Bitcoin due to the overwhelming interest in and momentum surrounding the spot ETFs.Prior to now, the company had set a price objective of $1 million for each bitcoin by 2030.The roadmap is now being updated.
“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 went on to say that no significant wirehouse, including Bank of America, Merryl Lynch, and Morgan Stanley, had yet to support the institutional effort.
“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,” she said.
Taking this into account, $1 million by 2030 now seems too conservative.
“Our target is above that; it’s 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.
As Bitcoin continues to rise toward its weekly close on March 10, several changes are taking place in the expectations of experienced market participants.
Price discovery, according to traders and analysts, will continue in tandem with ETF inflows next week, which don’t appear to be slowing down just yet.James Van Straten, research and analytics analyst at CryptoSlate, a crypto insights organization, said on X (previously Twitter) that “it’s going to be a wild week.”
“If Bitcoin can pass 70k before the Coinbase circuit breaker happens. True price discovery.”
As BTC/USD reached fresh record highs last week, Van Straten mentioned volatility at Coinbase, the biggest exchange in the United States.He included a segment of an additional conventional interview with Larry Fink, the CEO of BlackRock, an asset management that runs the largest Bitcoin exchange-traded fund (ETF) at the moment.As of this writing, the price of BTC/USD was approximately $69,500, according to data from TradingView and Cointelegraph Markets Pro.