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The head of ARK Invest, Cathie Wood, has become much more optimistic about the future of Bitcoin’s price.

The head of ARK Invest, Cathie Wood, has become much more optimistic about the future of Bitcoin's price.

The head of ARK Invest, Cathie Wood, has become much more optimistic about the future of Bitcoin’s price. She disclosed that ARK had “brought forward” its earlier one-million-dollar price target for Bitcoin by 2030 during a recent interview. Wood ascribes this change to the US government’s recent approval of spot Bitcoin ETFs. ARK is reassessing Bitcoin’s future because of the increase of demand and investment potential brought possible through these ETFs.

“That target…it was prior the SEC accepting us,” Woods clarified, alluding to the Securities and Exchange Commission’s clearance of spot Bitcoin exchange-traded funds. “And I think that was a major milestone, and it has pulled forward the timeline.”

Although there has been a noticeable increase in the price of Bitcoin, Wood thinks the celebration is just beginning. According to Wood, significant financial institutions like Bank of America and Morgan Stanley have not yet fully embraced Bitcoin. “No platform has approved Bitcoin yet,” she stated. “So all of this price action has happened before they approve it, and so we haven’t even begun.”

This absence of participation from mainstream institutions indicates that far larger price hikes are likely to occur in the near future. Wood refrained from giving a precise price target, but alluded to one that is “well above” $1 million by 2030.

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Johnathan DoeCoin

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