Cathie Wood: Bitcoin will hit $1 million by 2030

Author: Assad Jafri, CryptoSlate; Compiled by: Deng Tong, Golden Finance

ARK Invest CEO Cathie Wood recently announced thatBitcoin (BTC) will break through before the expected 2030 $1M markThis was her company’s previous bull run timeline.

This updated price target is the result of new institutional engagement and major regulatory milestones, notably the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States.

Revised Outlook

On March 7, Wood told the New Zealand Herald According to the interview, the launch ofspot ETF marks a major turning point and marks Bitcoin’s wider acceptance and integration into the traditional financial system.

The SEC’s approval and the subsequent record-breaking performance of these ETFs accelerated Bitcoin’s timetable for value appreciation.

Wood noted that major banks such as Morgan Stanley, Merrill Lynch or Bank of America have yet to join the institutional push for Bitcoin, suggesting that a price surge is imminent. "No platform has approved Bitcoin yet, so all of this price action is happening before they approve Bitcoin, so we haven't even started yet," she said.

Wood It said that as events continue to develop and interest in spot ETFs increases, ARK Invest now believes that the initial target of $1 million in 2030 is too conservative.

Buoyed by new expectations for institutional participation, the company has revised its outlook to a much higher number than initially estimated, which could double Bitcoin’s incremental price assumptions above.

Breaking ATH

Wood’s forecast is based on strong ETF inflows and if Bitcoin If the coin breaks through the $70,000 mark without encountering the major technical issues Coinbase encountered last week, then real price discovery may occur.

Bitcoin’s recent price performance signals a turn in the tide in institutional waters, Wood said, She expects the flagship cryptocurrency’s market capitalization to reach $20 trillion in the coming years, which will Its price per token is just under $1 million.

Her comments came as Bitcoin hit unprecedented all-time highs in the weeks ahead of its halving, which is expected to take place in late April. Bitcoin briefly hit all-time highs on March 5 and March 8 before undergoing two sharp corrections.

On March 10, Bitcoin made another attempt to break above $70,000, but weekend traffic was not enough to push it over the threshold. At press time, Bitcoin was trading at $69,400, with areas of strong demand below the $69,000 mark and extreme selling pressure above that range.