In an optimistic turn for cryptocurrency enthusiasts, Cathie Wood, CEO of ARK Invest, has revised upward her projections for the price of Bitcoin.
Initially, Wood estimated that the leading cryptocurrency would reach $1 million by 2030.
However, this figure has been adjusted, and now contemplates the possibility of BTC reaching the impressive $1.5 million mark in the same period.
— CNBC (@CNBC) January 11, 2024
This upward revision is attributed to the approval of several Bitcoin ETFs by the Securities and Exchange Commission (SEC).
In an interview with CNBC , Wood expressed his confidence in the bullish scenario, stating:
“We believe the probability of the bull case has increased with this SEC approval. This is a green light”
The SEC approval for the ETFs is considered a significant milestone and a key factor in Wood’s positive revision to expectations.
In a worst-case scenario, Wood projects that even in a bear market, BTC could reach a respectable $258,500, far surpassing its current valuation.
Regarding its intermediate expectations, its base scenario places the future price of the digital token at $682,800, arguing:
“You can see the foundation, you can see how conservative we are in terms of that foundation.”
A crucial element in this panorama is ARK Invest’s active participation in the Bitcoin space
The firm, along with other notables such as BlackRock, Invesco and Fidelity, has received SEC approval for a Bitcoin ETF product.
This highlights growing institutional interest in Bitcoin and reinforces the cryptocurrency’s position as an increasingly accepted asset class.
Wood, in a shocking personal revelation, shared that a considerable fraction of his wealth is allocated to Bitcoin.
Excluding Ark and real estate, he estimates that at least 25% of his financial net worth is invested in Bitcoin.
This statement underscores his personal confidence in cryptocurrency as a significant component of his long-term investment strategy.
Cathie Wood’s revised projections for Bitcoin price are based on SEC approval for Bitcoin ETFs, reflecting an increase in confidence towards the bull case.
ARK Invest’s active involvement in the cryptocurrency space and Wood’s substantial personal allocation to Bitcoin underscore a growing importance of cryptocurrency in the financial world.