Cathie Wood, CEO of ARK Invest, is extremely bullish on Bitcoin and is significantly raising her expectations for the price. The reason? She expects a huge influx of institutional investors for the digital currency.
Ultimately, according to Wood and her army of analysts, this should bring the price to the level of $3.8 million by the year 2030.
Bitcoin price of $3.8 million in 2030?
According to a new report from Benzinga, Wood now predicts that Bitcoin could soar to $3.8 million by 2030. To this end, institutional investors invest just over 5% of their portfolio in BTC. This new forecast, made at an Investor Day in New York in March, is as much as $2.3 million higher than her previous estimate for the year 2030.
“Last year we launched our bullish case for Bitcoin. It was $1.5 million at the time,” Wood said.
“With the – albeit grudging – green light from the SEC (Securities and Exchange Commission) for Spot Bitcoin ETFs, we took another look at the numbers. If, as we expect, institutional investors commit just over 5% of their portfolio to Bitcoin, that alone would add $2.3 million to the forecast I just mentioned.”
Wood is referring to the SEC’s approval of ETFs that invest directly in Bitcoin, including one from ARK itself. Launched in January in the United States, these ETFs attracted billions of dollars in investment and are considered the most successful ETF launches ever.
They offer institutional investors an accessible way to get into Bitcoin. You can imagine that the average rich person is not interested in keeping millions of dollars worth of Bitcoin in their own wallet.
Wood’s prediction
If Wood’s prediction comes true, it would mean Bitcoin would rise more than 6,572% from its current value in six years. At the time of writing, Bitcoin is trading around $57,593, down more than 3% in the past 24 hours.
Based on the last few weeks, Wood’s prediction seems practically impossible, but Bitcoin has often performed the impossible in its price history.
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