Ark Invest CEO Cathie Wood has doubled down on her bullish bitcoin forecasts, now seeing a higher probability of the price of bitcoin soaring to $1.5 million per coin. She emphasized that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has raised the probability of her bull case prediction.
Ark Invest Sees Increased Probability of Bitcoin Reaching $1.5 Million
Cathie Wood, the CEO of Ark Investment Management (Ark Invest), doubled down on her bitcoin price predictions on Thursday following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Referencing Ark’s Big Ideas 2023, the asset management firm’s yearly report highlighting “the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow,” Wood explained: “Our base case is in the $600,000 range” for the price of bitcoin. Ark’s “bull case” prediction sees the price of BTC reaching $1.48 million per coin. Wood detailed:
We think the probability of the bull case has increased with this ETF approval, this is a green light. Our bull case is $1.5 million by 2030.
“This is a big idea. It is the first global decentralized digital … rules-based monetary system in history. It’s a very big idea,” the Ark Invest executive opined.
Ark and 21shares’ spot bitcoin ETF proposal was one of the 11 spot bitcoin ETFs approved by the SEC on Wednesday. On the first day of trading, spot bitcoin ETFs racked up $4.6 billion in trading volume. Blackrock, the world’s largest asset manager, debuted its Ishares Bitcoin Trust with $1 billion in trading volume.
Wood recently said that she expects spot bitcoin ETFs to attract “substantial” institutional flows into bitcoin, pushing the price of BTC “much higher.” Despite the approval of 11 spot bitcoin ETFs, SEC Chair Gary Gensler stressed that the agency did not approve or endorse bitcoin.
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