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Cathie Wood's Bullish Vision: Bitcoin Forecasted to Hit $1.5M by 2030 Following ETF Green Light

Jan 12, 2024 at 07:50 am

During a recent interview on CNBC, Cathie Wood, the Chief Executive Officer of ARK Invest, conveyed an optimistic perspective on Bitcoin (BTC), suggesting the potential for the cryptocurrency to reach $1.5 million by 2030. This positive forecast represents a 50% increase from Wood's earlier estimate of $1 million. Wood attributed the heightened likelihood of this optimistic scenario to the recent approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

The approval of spot Bitcoin ETFs, a long-awaited event in the United States' cryptocurrency market, marks a significant milestone, concluding a decade-long endeavor to establish these investment instruments. According to Wood, the SEC's approval of key filings related to the ETFs indicates a positive development, increasing the probability of Bitcoin attaining unprecedented price levels.

Delving into potential scenarios, Wood outlined a bearish case where the Bitcoin price could ascend to $258,500 and a baseline scenario of $682,800. ARK Invest's prior projection of $1 million was supported by factors such as an elevated hashrate, sustained holder supply, and addresses with non-zero balances compared to previous market downturns. The SEC's green light for spot ETFs has further solidified the overarching bullish thesis.

ARK Invest, among the asset management firms endorsed by the SEC to introduce Bitcoin ETFs, initiated trading on Thursday. This development coincided with a brief surge in BTC's price, briefly exceeding $49,000 for the first time since December 2021. However, the cryptocurrency retraced its gains and is currently hovering around $46,322.

Noteworthy is the fact that ARK's optimism is not unique in the financial domain. Standard Chartered Bank recently issued an optimistic forecast, proposing that Bitcoin could reach levels nearing $200,000 by the conclusion of 2025. Making a comparison to the trajectory of the first U.S.-based gold exchange-traded product launched in November 2004, Standard Chartered highlighted the substantial surge in gold prices over the seven years it took for gold exchange-traded product holdings to mature.

As the cryptocurrency market undergoes continual evolution, with institutional interest and regulatory advancements playing crucial roles, prognostications and perspectives from influential figures such as Cathie Wood and financial institutions like Standard Chartered contribute to the ongoing discussion regarding the future trajectory of Bitcoin prices. Investors and enthusiasts alike will closely observe these developments as the cryptocurrency landscape undergoes transformative changes.

Read More: Security Breach: Cross-Chain Bridge Exploit Costs Orbit Chain $81 Million

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