Ark Invest CEO Cathie Wood has made a bold prediction for Bitcoin, projecting a staggering price target of $3.8 million for the cryptocurrency. Wood shared this forecast at the Bitcoin Investor Day conference in New York, citing the increasing institutional adoption of Bitcoin and the introduction of new ETF products as drivers for this potential surge.
This projection represents a significant increase from Wood’s previous prediction in January, where she suggested that Bitcoin could reach $1.5 million by 2030. Wood now believes that if institutional investors allocate just over 5% of their portfolios to Bitcoin, her projection could skyrocket to $3.8 million within the same time period.
Wood’s firm, Ark Invest, was among the companies that received approval from the SEC for spot Bitcoin ETFs earlier this year. The introduction of these products has sparked a surge in demand, setting new records for inflows into US ETFs and driving up demand for Bitcoin itself.
The upcoming Bitcoin halving event, expected in April, is also anticipated to create a supply shock, further fueling the current demand-driven rally for the cryptocurrency.
Wood’s latest prediction aligns with her revised expectations for Bitcoin’s growth trajectory and resonates with other experts’ bullish outlook on the digital asset. Despite recent volatility, Bitcoin has shown resilience and experienced a surge following the Federal Reserve’s decision to hold interest rates steady, indicating a strong market sentiment.
This projection underscores the growing institutional interest in Bitcoin and the broader shift towards digital assets and blockchain technology. ARK Invest predicts that these trends could lead to a total market value of $220 trillion by 2030.
As of the latest update, Bitcoin was trading at $63,990, down 1.8% in the last 24 hours. Despite short-term fluctuations, Wood’s long-term projection suggests a significant potential for growth in the value of Bitcoin.
