- Cathie Wood of ARK Invest predicts Bitcoin could reach $1.5 million by 2030, citing a base case target of $600,000
- Bitcoin’s price jumped 9% to around $48,900 after news of the approval of spot Bitcoin ETFs like ARK’s new offering
- Wood expects fierce competition between new spot Bitcoin ETFs, but remains confident ARK’s will be a top player
Cathie Wood, the CEO of ARK Invest, has reiterated her bold prediction that the price of Bitcoin could reach $1.5 million by 2030. Her comments came as ARK Invest launched a spot Bitcoin exchange-traded fund (ETF) in partnership with 21Shares, joining other firms offering crypto ETFs for the first time.
Bitcoin Price Jumps on ETF News
The approval of spot Bitcoin ETFs sent the price of Bitcoin higher in early trading. Bitcoin climbed around 9% to about $48,900 after the ETF news broke. This reinforces Wood’s bullish outlook on the cryptocurrency.
Wood’s Bitcoin Price Targets
Wood stated in a CNBC interview that ARK Invest’s “base case is in the $600,000 range” for Bitcoin by 2030. She added, “Our bull case is $1.5 million by 2030.” For this to happen, Bitcoin would need to rally by over 1,000% from current levels to reach $600,000. To hit $1.5 million, it would require a gain of over 3,000%.
Bitcoin’s Strong Track Record
While Wood’s targets may seem overly optimistic, Bitcoin has seen triple-digit percentage gains before. Over the past 5 years, the cryptocurrency has surged by over 1,200%, although it remains well below its all-time high above $68,000 from 2021.
Competition Heating Up for Crypto ETFs
According to Wood, the new spot Bitcoin ETFs will engage in fierce competition for market share. She expects a few ETFs will dominate the space but expressed confidence ARK 21Shares Bitcoin Trust will be one of them.
Here is a list of the newly approved Bitcoin ETFs:
- Grayscale Bitcoin Trust (OTC: GBTC)
- iShares Bitcoin Trust (IBIT)
- Valkyrie Bitcoin Fund (BRRR)
- Ark 21Shares Bitcoin Trust (ARKB)
- Invesco Galaxy Bitcoin ETF (BTCO)
- VanEck Bitcoin Trust (HODL)
- WisdomTree Bitcoin Trust (BTCW)
- Fidelity Wise Origin Bitcoin Trust (FBTC)
- Bitwise Bitcoin ETF (BITB)
- Franklin Bitcoin ETF (EZBC)
The launch of these ETFs provides investors with new options for gaining exposure to Bitcoin. As major firms embrace crypto, it adds legitimacy to the asset class and could drive further adoption. For Wood, widespread crypto adoption will likely justify her long-term Bitcoin price targets.
