Bitcoin to Hit $1M Sooner than 2030: ARK Invest CEO

In a recent interview with the New Zealand Herald, Cathie Wood, the CEO of ARK Invest, shared her revised outlook on the future of Bitcoin, indicating that the cryptocurrency could hit $1 million well before the initially projected year 2030. 

Wood highlighted the transformative impact of the United States’ first spot exchange-traded funds (ETFs) on Bitcoin’s landscape, leading ARK Invest to reevaluate its bullish stance on the digital asset.

As reported earlier by TheCoinRise, Ark Invest dumped a total of $52 million worth of shares from Coinbase and Robinhood combined in a strategic maneuver. 

ARK Invest on Bitcoin

Wood emphasized the significance of the recent green light from the United States Securities and Exchange Commission (SEC) for spot ETFs, attributing the regulatory milestone to an acceleration in Bitcoin’s timeline. 

ARK Invest had previously set a target of $1 million per Bitcoin by 2030, but Wood suggested that this estimate now appears conservative in light of the evolving institutional landscape.

Institutional Push

Despite the absence of major wirehouses like Morgan Stanley, Merrill Lynch, or Bank of America joining the institutional push, Wood believes that the current market dynamics have unfolded before these significant players have even approved Bitcoin. 

The lack of approval from major platforms, according to Wood, implies that Bitcoin’s price surge is only the beginning, hinting at further potential growth.

Bitcoin at $1 Million

Wood refrained from providing an exact figure for Bitcoin’s future price, stating that ARK Invest’s target now surpasses the $1 million projection. The CEO expressed confidence in Bitcoin’s trajectory, especially with the evolving expectations surrounding institutional involvement in the cryptocurrency market.

As Bitcoin approaches new all-time highs leading into the March 10 weekly close, market participants are preparing for what some analysts predict will be a “wild week.” Analysts anticipate that price discovery will continue, driven by the ongoing inflows into ETFs. 

All-time High

James Van Straten, a research and data analyst at CryptoSlate, emphasized the potential for significant price movements, particularly if Bitcoin surpasses the $70,000 mark before any potential disruptions, such as those caused by the Coinbase circuit breaker.

Bitcoin is currently trading at around $69,500, showcasing the cryptocurrency’s resilience and potential for further gains. With institutional involvement evolving and regulatory barriers clearing, the crypto community eagerly awaits the next chapter in Bitcoin’s extraordinary journey.