Cathie Wood Believes Bitcoin Price Can Reach $1.5M by 2030

Bitcoin’s historic spot ETF launch has ARK Invest CEO Cathie Wood even more bullish on the cryptocurrency’s future trajectory. Wood now predicts bitcoin could reach $1.5 million per coin by 2030, a 50% increase from her previous forecast of $1 million.

SEC Spot ETF Approval Adds Fuel to Bitcoin Bull Case.

On CNBC Thursday, Wood stated that the probability of her bullish scenario has increased now that the SEC has finally allowed spot bitcoin ETFs in the US.

“We think the probability of the bull case has increased with this SEC approval. This is a green light,” Wood commented.

On Wednesday, the SEC gave the nod to several asset managers to launch spot bitcoin ETFs, a move over a decade in the making. ARK Invest is among the firms with approved products, which started trading on Thursday.

Along with the heightened $1.5 million forecast, Wood laid out a bear case of $258,500 per bitcoin and a base case of $682,800 by the decade’s end. It triples her previous most conservative estimate.

Key Adoption Metrics Supporting ARK’s Bold Predictions

In backing up the ultra-bullish outlook, ARK pointed to Bitcoin’s climbing hashrate, increasing long-term holder supply, and rising number of addresses holding a non-zero BTC balance.

These adoption metrics have shown resilience despite Bitcoin’s high volatility periods and suggest an improving risk profile. With the SEC’s seal of approval providing regulatory clarity, Wood believes the foundation is set for exponential growth.

Other analysts are now echoing the ramped-up bitcoin forecasts. Standard Chartered Bank recently projected BTC could approach $200,000 by 2025, drawing comparisons to the gold ETF launch sparking a quadrupling in gold prices over 7 years.

Spot ETFs Set the Stage for Mainstream Bitcoin Adoption

While bitcoin initially spiked above $49,000 following the ETF open, it has since tapered off as traders took profits from the rally. However, many see this as only the beginning, with the ETFs removing key roadblocks to mass adoption.

Spot ETFs are expected to attract billions in new inflows from institutional and retail camps by allowing direct physical bitcoin exposure versus crypto futures contracts. This mainstreaming impact could propel Bitcoin’s price performance in line with Wood’s ambitious targets.

Other analysts note both equities and gold enjoyed stratospheric gains in past decades thanks to ETF product innovation. With this long-awaited “holy grail” now approved for Bitcoin, its best growth years likely still lie ahead.

Conclusion

Cathie Wood and ARK Invest have turned even more aggressively bullish on bitcoin’s trajectory following the SEC’s spot ETF approval. 

Backed by surging network fundamentals, Wood forecasts Bitcoin reaching $1.5 million per coin by 2030 as adoption metrics go parabolic. Early Bitcoin investors will generate life-changing wealth over the next decade if her predictions prove accurate.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.