ARK has revised its predictions for Bitcoin’s price by 2030 as the cryptocurrency hits yet another all-time high ahead of the weekly close.
Cathie Wood, CEO of asset manager ARK Invest, anticipates Bitcoin reaching $1 million sooner than initially forecasted. Speaking to the New Zealand Herald on March 7, Wood highlighted the evolving landscape of institutional involvement in Bitcoin’s price growth.
Wood acknowledged the transformative impact of the United States’ first spot exchange-traded funds (ETFs) on Bitcoin. Despite previously setting a price target of $1 million per bitcoin by 2030, Wood noted that the recent regulatory approval from the Securities and Exchange Commission (SEC) has expedited this timeline.
The approval from the SEC signifies a significant milestone, prompting ARK to reassess its bullish stance on Bitcoin. Wood emphasized that major wirehouses like Morgan Stanley and Bank of America have yet to embrace Bitcoin fully, suggesting that the current price action precedes broader institutional adoption.
In light of these developments, Wood hinted that the $1 million target for 2030 now seems conservative. With heightened expectations for institutional involvement, ARK anticipates a more substantial increase in Bitcoin’s price, although Wood refrained from specifying an exact figure.
As Bitcoin approaches new all-time highs ahead of the March 10 weekly close, market participants anticipate continued price discovery fueled by ETF inflows. James Van Straten, a research and data analyst at CryptoSlate, predicts a “wild week” for Bitcoin, emphasizing the significance of surpassing $70,000 before potential turbulence at Coinbase, the largest U.S. exchange.
BTC/USD was trading around $69,500 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
