Bitcoin's Price Set to Soar: Cathie Wood Predicts Over $1 Million Before 2030

Cathie Wood of ARK Invest has updated her prediction for Bitcoin, now saying it will surpass $1 million before 2030. This change comes as Bitcoin sees a rise in value and the U.S. introduces its first spot ETFs, according to the New Zealand Herald on March 7. Wood believes the introduction of spot ETFs in the U.S.

has significantly influenced Bitcoin's potential, leading her to reaffirm her belief in its future growth. Because of this, ARK has revised its previous price target of $1 million by 2030, now considering it too low. The SEC's approval of spot ETFs is seen as a pivotal moment, speeding up ARK's projections. She points out that big financial institutions have yet to engage in Bitcoin trading, suggesting the price could climb even higher once they do. While Wood did not provide a specific new target, she indicated it would be much higher than originally forecasted.

As Bitcoin nears record highs, experts anticipate a "wild week" of trading. There's speculation that the continued influx of ETF investments could further fuel Bitcoin's price discovery. James Van Straten from CryptoSlate hinted at significant movement if Bitcoin crosses the $70k mark before any trading halts occur, such as those seen on Coinbase last week. Currently, Bitcoin's price is around $69,500, with the market closely watching for its next move. Larry Fink of BlackRock, which manages the largest spot Bitcoin ETF, also spoke recently about the ETFs' impact on Bitcoin's price. This evolving situation and Wood's updated forecast reflect a bullish outlook for Bitcoin, pointing towards a future where it reaches new, unprecedented levels.