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ARK Invest CEO Predicts Bitcoin Will Surpass $1 Million by 2030
ARK Invest CEO Cathie Wood recently made a bold statement regarding the future of Bitcoin (BTC), suggesting that it will reach the $1 million milestone well before the anticipated year of 2030, which was previously seen as a bullish projection by her firm.
This new price target is a result of increased institutional interest in Bitcoin and key regulatory developments, particularly the approval of the first spot Bitcoin exchange-traded funds (ETFs) in the United States.
Revised Price Outlook
In an interview with the New Zealand Herald on March 7, Wood emphasized that the introduction of spot ETFs represents a significant milestone for the wider acceptance and integration of Bitcoin into the traditional financial system. The approval of these ETFs by the Securities and Exchange Commission (SEC) have accelerated the timeline for Bitcoin’s value appreciation.
Wood highlighted the fact that major financial institutions such as Morgan Stanley, Merrill Lynch, and Bank of America have not yet fully embraced Bitcoin, indicating that the cryptocurrency’s price surge is still in the early stages. She stated:
“No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we haven’t even begun.”
With the increasing interest in spot ETFs and ongoing developments in the space, ARK Invest has revised its initial price target of $1 million by 2030 to a much higher figure. This revision is driven by new expectations of institutional participation, which could potentially double Bitcoin’s current price assumptions.
Market Performance and Future Projections
Wood’s forecast is based on the strong inflows into ETFs and the potential for Bitcoin to achieve true price discovery if it surpasses the $70,000 mark without encountering significant technical challenges. She envisions Bitcoin reaching a market cap of $20 trillion in the coming years, leading to a per token price of almost $1 million.
Wood’s remarks come at a time when Bitcoin has been making significant strides towards a new all-time high, with price action indicating a positive movement towards this target. Despite recent corrections, Bitcoin remains a strong contender in the cryptocurrency market.
As of the latest data on March 10, 2024, Bitcoin is ranked as the top cryptocurrency by market capitalization, with a price increase of 1.32% over the past 24 hours. Its market capitalization stands at $1.36 trillion, with a 24-hour trading volume of $32.94 billion.
The total crypto market is valued at $2.62 trillion, with a 24-hour trading volume of $104.94 billion. Bitcoin dominance currently sits at 52.02%, reflecting its prominent position in the overall market.
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