Cathie Wood Predicts Bitcoin to Hit $1.5M by 2030 Post ETF Approval

• ARK Invest CEO Updates Bitcoin Price Forecast
• SEC Approval Strengthens Bull Case
• ARK Invest's Bitcoin Price Predictions
• SEC-Approved Bitcoin ETFs Start Trading
• Other Predictions Regarding Bitcoin's Value

ARK Invest CEO Updates Bitcoin Price Forecast

Cathie Wood, CEO of ARK Invest, recently made a statement on CNBC predicting that Bitcoin$42,260 -0.64% (BTC), currently the largest cryptocurrency in terms of market value, could potentially achieve a price of $1,500,000 by 2030. This optimistic scenario, up by 50% from a previous $1 million estimate, is seen as more plausible following recent decisions by the Securities and Exchange Commission (SEC).

SEC Approval Strengthens Bull Case

Wood commented on CNBC that the approval of spot Bitcoin ETFs (Exchange Traded Funds) by the SEC in the U.S., an achievement a decade in the making, is a green light for the cryptocurrency. The SEC's decision has sparked interest in the markets, with key filings seeking to list these pioneering products receiving approval.

ARK Invest's Bitcoin Price Predictions

Aside from the optimistic outlook, Wood also provided possible scenarios for less bullish outcomes. In these instances, the price of Bitcoin could climb up to $258,500 in a bear case and $682,800 in a base case. ARK's previous $1 million prediction was substantiated by factors such as an increased hashrate, the supply held by long-term holders, and the number of addresses with balances above zero, compared to past downturns. The approval of the spot ETFs by the SEC likely reinforces the bullish outlook.

SEC-Approved Bitcoin ETFs Start Trading

ARK Invest is one of the asset management firms granted approval by the SEC to start trading Bitcoin ETFs. The trading began on Thursday with the price of Bitcoin momentarily surging above $49,000 for the first time since December 2021, before settling around $46,322.

Other Predictions Regarding Bitcoin's Value

ARK is not alone in anticipating a significant increase in Bitcoin's value. Standard Chartered Bank has projected a potential rise to nearly $200,000 by the end of 2025. They liken the Bitcoin ETFs to the first gold exchange-traded product launched in the U.S. in November 2004. Following this, gold's price quadrupled over the following seven years as gold ETP holdings matured.

Edited by Jonathan Stoker