Share this article
Cathie Wood Sees Bitcoin Price Reaching $1.5M by 2030 After ETF Approval
ARK Invest's CEO previously predicted the price would reach $1 million by 2030.
Updated Mar 8, 2024, 7:47 p.m. Published Jan 11, 2024, 6:05 p.m.
Make us preferred on Google
ARK Invest CEO Cathie Wood said on CNBC Thursday that bitcoin [BTC], the world's largest cryptocurrency by market value, could reach $1,500,000 in price by 2030 in a bullish scenario, raising her estimate by 50% from a previous prediction of $1 million.
"We think the probability of the bull case has increased with this SEC approval. This is a green light," said Wood on CNBC. On Wednesday, spot bitcoin ETFs were finally approved in the U.S. after a decade of trying. The Securities and Exchange Commission gave the green light Wednesday to key filings from the markets seeking to list the groundbreaking products.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: ARK Invest Maintains Prediction Bitcoin Price Will Hit $1M by 2030
The ARK Invest CEO also said a bear case would see the price rise to $258,500 and a base case of $682,800. ARK backed up the previous $1 million price prediction by pointing to a higher hashrate, long-term holder supply, and addresses with a non-zero balance compared to the prior downturns. The SEC's approval of the spot ETFs has likely added to the bullish thesis.
For full coverage of bitcoin ETFs, click here.
ARK Invest is among the asset managers approved by the SEC to roll out bitcoin ETFs, which started trading on Thursday. On Thursday, the price of BTC briefly topped $49,000 for the first time since December 2021. However, it gave up all its earlier gains and is now trading near $46,322.
ARK isn't the only one expecting a massive jump in bitcoin prices. Standard Chartered Bank recently predicted that the price of bitcoin could rise to levels closer to $200,000 by the end of 2025, comparing the bitcoin ETF to the first U.S.-based gold exchange-traded product, which launched in November 2004. Following this, the price of gold rose over 4x in the seven years it took for gold ETP holdings to mature.
Read more: Why Are Bitcoin ETFs Such a Big Deal? Gold Provides a $100 Billion Answer
More For You
More For You
Bitcoin holds near $68,000 as volatility cools, WLFI jumps ahead of Mar-a-Lago forum
Bitcoin trades in a tight range as derivatives stabilize and altcoins show pockets of strength ahead of key macro cues and a high-profile crypto event.
What to know:
- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
- The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
Top Stories
