Cathie Wood, CEO of ARK Invest, said the price of Bitcoin could surpass $1 million before 2030, revising previous predictions from her asset management firm. This announcement comes as the launch of the first Bitcoin Spot ETFs in the United States sparks renewed interest from institutional investors.
Bitcoin Spot ETFs, a decisive turning point according to Cathie Wood
For several months, Cathie Wood has remained convinced that the price of Bitcoin will soar. The boss of the investment firm specializing in crypto-assets, ARK Invest, had already announced her forecasts about the valuation of Bitcoin, estimating that it would reach 1 million dollars even before Gary Gensler, the president of the SEC, gives green light to Bitcoin Spot ETFs.
In interview Speaking to the New Zealand Herald on March 7, Cathie Wood explained that the approval of Bitcoin Spot ETFs by the United States Securities and Exchange Commission (SEC) was a pivotal moment.
“ This goal [de 1 million de dollars] was set before the SEC gave us the green light, and I think it was an important step that moved our timeline forward“, she said.
The arrival of these ETFs has fundamentally changed the crypto investing landscape, prompting ARK Invest to reassess its position on BTC and adjust its price forecasts accordingly.
According to Ms. Wood, the initial target of $1 million by 2030 now seems too conservative given the interest in Spot ETFs.
Institutional adoption, driving BTC price growth
Despite its meteoric appreciation, Bitcoin could only be in its infancy, according to the general director of ARK Invest. The company believes that the growing involvement of traditional financial institutions will be the main driver of the Bitcoin price rise in the coming years.
Ms. Wood points out that no major player, such as Morgan Stanley, Merrill Lynch or Bank of America, has yet fully integrated BTC into its offering. The current absence of Wall Street behemoths suggests strong upside potential as these players become involved.
“ None of the big brokerages have said yes to Bitcoin yet, so all the price movements came before they said yes. We are only at the beginning“, underlines-she.
This prospect of increased institutional involvement is a key factor in the upward revision of ARK Invest’s price forecasts. The company’s analysis indicates that the price impact attributable to institutional investors could be significantly higher than previously estimated. A change in sentiment that is not limited to ARK Invest, as the market reacts enthusiastically to the launch of spot Bitcoin ETFs.
Meanwhile, Bitcoin is nearing new record highs, hitting nearly $70,000 at the time of writing. Traders and analysts anticipate continued price discovery alongside the influx of investments in Spot ETFs. This week is likely to be turbulent, with BTC exploring never before seen price levels.
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