Reported by Cointelegraph, Bitcoin will hit $1 million sooner than 2030, the CEO of asset manager ARK Invest has said.
In an interview with the New Zealand Herald on March 7, Cathie Wood revealed “new expectations for institutional involvement” in BTC price growth.
Bitcoin has transformed since the launch of the United States’ first spot exchange-traded funds (ETFs), Cathie Wood confirms.
Speaking before a mainstream media audience, the well-known Bitcoin bull doubled down on her existing conviction over the largest cryptocurrency’s future.
Such is the interest and momentum behind the spot ETFs, she explained, that even ARK itself has been forced to reevaluate how bullish it is on BTC.
Previously, the firm’s price target focused on $1 million per bitcoin by the year 2030. Now, the roadmap is changing.
“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 continued that no major wirehouse — names such as Morgan Stanley, Merryl Lynch or Bank of America — has yet joined the institutional push.
“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.
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