Renowned ARK Invest CEO, Cathie Wood, reiterates her bullish Bitcoin outlook, forecasting $1.5 million by 2030, spurred by recent US Bitcoin spot ETF approval. This approval enhances the “bull case” likelihood, she says.
During a CNBC interview on Thursday, Wood outlined her base scenario predicting a $600,000 Bitcoin valuation by the decade’s end. Yet, in more optimistic scenarios, she envisions a staggering 3,000% surge, reaching $1.5 million per coin. Revising her earlier $1 million forecast from last year.
Wood attributes Bitcoin’s robust fundamentals – escalating hash rates, growing long-term holder reserves, expanding BTC addresses. The recently launched spot ETF – as catalysts for increased adoption and usage.
The SEC’s approval of ETFs backed by actual Bitcoins marks a milestone for the crypto industry. Nine ETFs initiated trading on US stock exchanges, triggering a 9% surge in Bitcoin prices within the first hour of Thursday’s trading.
Bitcoin Trust ETF
As an authorized Bitcoin ETF issuer, ARK Invest anticipates robust competition. Wood anticipates the ARK 21Shares Bitcoin Trust ETF to stand out as a top performer, showcasing her confidence in its potential.
In the finance world, Wood, as CEO of ARK Innovation ETF, has achieved celebrity-like status for her strategic investments in disruptive tech firms and digital assets. Nearly 25% of her net worth directly invested in cryptocurrencies.
While other forecasters, like Standard Chartered Bank, predict a substantial Bitcoin upside (e.g., $200,000 by 2025), Wood’s optimism stands out. She believes in Bitcoin as a “financial super highway” and “public good,” expecting its expansion with increasing adoption as a long-term investment.
As time unfolds, the multi-million dollar valuation for Bitcoin remains uncertain. Nonetheless, Cathie Wood remains a steadfast believer in the cryptocurrency’s enduring investment potential, viewing it as an evolving “financial super highway” and “public good.”
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In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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