Cathie Wood, CEO of the investment firm ARK Invest, has significantly increased her bullish outlook on Bitcoin's price trajectory.
Cathie Wood, CEO of the investment firm ARK Invest, has significantly increased her bullish outlook on Bitcoin's price trajectory. In a recent interview, she revealed that ARK has "brought forward" its previous $1 million price target for Bitcoin by 2030. Wood attributes this shift to the recent approval of spot Bitcoin ETFs in the United States. The surge in interest and investment potential unlocked by these ETFs has prompted ARK to re-evaluate Bitcoin's future.
"That target...it was before the SEC gave us the green light," Wood explained, referring to the Securities and Exchange Commission's approval of spot Bitcoin ETFs. "And I think that was a major milestone, and it has pulled forward the timeline."
While Bitcoin has already seen significant price appreciation, Wood believes the party is just getting started. Major financial institutions, like Morgan Stanley or Bank of America, have yet to fully embrace Bitcoin, according to Wood. "No platform has approved Bitcoin yet," she said. "So all of this price action has happened before they approve it, and so we haven't even begun."
This lack of mainstream institutional involvement suggests even more significant price increases are on the horizon. Wood hinted at a revised price target "well above" $1 million by 2030, but declined to provide a specific figure.
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