Bitcoin Price Predicted to Reach $1 Million by 2030, Says Ark Invest CEO Cathie Wood

In a recent interview, CEO Cathie Wood of Ark Invest, a cryptocurrency-friendly American asset manager, predicts that Bitcoin's price will reach $1 million by 2030.

Cathie Wood ARK Invest predicts Bitcoin price to exceed $1 million sooner than anticipated.

By Tim Hakki | Last updated: March 11, 2024 13:34 EDT | 2 min read

Ark Invest thinks it’s bull season

Crypto-friendly American asset manager Ark Invest sees Bitcoin’s price hitting $1 million before 2030, according to CEO Cathie Wood in a recent interview with the New Zealand Herald.

• Saylor Sells $800 Million in Notes to Boost MicroStrategy’s Bitcoin Holdings
• VanEck Bitcoin Trust ETF Eliminates Sponsor Fees for First $1.5 Billion of Funds 🚀
• VanEck Cuts Management Fee for Spot Bitcoin ETFs: A Game-Changing Move!

Hard-talking Bitcoin maximalist Wood already eyed a projection of $1.5 million earlier this year in an interview with CNBC. At the time, Wood said a “bear case” would still result in a price rise to around $258,500.

In her latest interview, Wood implied that $1 million by 2030 might even be a conservative estimate. 😲

“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.

Wood then named Morgan Stanley, Merrill Lynch, and Bank of America as financial heavyweights that haven’t yet started dealing with Bitcoin, implying that it’s only a matter of time before they join the gravy train: “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.

“Our target is above that; it’s well above that,” she teased, declining to give a figure but stating that “with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled.”

Bitcoin at $1 Million This Year? 🚀

Considering Cathie Wood helms one of the most crypto-bullish asset managers, and given that Ark Invest already has a spot Bitcoin ETF on exchanges and is eyeing up a spot Ethereum ETF too, it’s fair to say she has a pro-crypto bias. 😄

In spite of that, Bitcoin is currently trading at a new all-time high, and it looks like there is plenty more mileage left for a potential 2024 bull run.

That’s because two potentially pivotal price-driving events are coming up. One on April 19, and the other on May 23.

In April is the quadrennial Bitcoin halving. The halving is a pre-determined event in Bitcoin’s code that cuts miners’ rewards in half, leading to a supply squeeze in the issuance of new Bitcoin.

Historically, this has driven rallies. 📈

Then in May, the SEC is expected to give a verdict on VanEck’s application for a US spot Ethereum ETF. Based on historic precedent with Bitcoin, several analysts, including Standard Chartered, say that the SEC is likely to approve a round of applications on this date.

The approval of Ethereum ETFs almost looks like a foregone conclusion since Bitcoin ETFs started trading. If the SEC were to reject them, applicants may appeal and win, as Grayscale did with its Bitcoin ETF last year.

Given that Ethereum is crypto’s most commercially important blockchain, ETFs off the back of Bitcoin’s halving could drive all leading cryptocurrencies to new heights. 🚀

Related Topics: – The Impact of ETFs on Bitcoin and Ethereum – How Bitcoin’s Halving Affects Its Price – Rising Institutional Interest in Crypto

Q&A:

Q: Can you explain what the quadrennial Bitcoin halving is? A: The quadrennial Bitcoin halving is an event in Bitcoin’s protocol that occurs once every four years. It reduces the rate at which new Bitcoins are created by cutting miners’ rewards in half. This reduction in supply has historically led to price rallies in the cryptocurrency market.

Q: Why is the SEC approval of Ethereum ETFs significant? A: The approval of Ethereum ETFs by the SEC would provide mainstream investors with an easier way to gain exposure to Ethereum. This could lead to increased demand and potentially drive up the price of Ethereum and other leading cryptocurrencies.

Q: What are some other factors that could contribute to Bitcoin’s price rise? A: Apart from the quadrennial Bitcoin halving and the potential approval of Ethereum ETFs, factors such as increasing institutional involvement, adoption by major financial institutions, and growing public interest in cryptocurrencies can all contribute to Bitcoin’s price rise.

Q: Should I consider investing in Bitcoin or other cryptocurrencies? A: Investing in cryptocurrencies can be highly volatile and risky. It’s important to thoroughly research and understand the market dynamics before making any investment decisions. Seek advice from a financial professional who specializes in cryptocurrencies to assess your individual risk tolerance and investment goals.

---

Follow us on Google News and stay up to date with the latest blockchain and cryptocurrency news. Share this article with your friends if you found it informative! 😄

Disclaimer: The content provided here is for informational purposes only and should not be construed as financial advice. Always do your own research before making any investment decisions.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!