Cathie Wood, founder of ARK Invest, says a huge price target for Bitcoin just became more likely with the adoption of spot-traded BTC funds.
In a new interview on CNBC Squawk Box, Wood say that ARK Invest’s bull case prediction that Bitcoin will reach the $1.5 million level by 2030 is now more likely after the US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs on Wednesday.
“Our base case is in the $600,000 range. Our bull case – and we think the likelihood of the bull case has increased with this SEC approval, this is the green light – our bull case is $1.5 million in 2030.
You can see the… [price forecast] building blocks [on Ark Invest’s website]. You can see how conservative we are when it comes to those building blocks. This is a big idea. It is the first global, decentralized, digital, rules-based – crucially – rules-based monetary system in history. It’s a really big idea.”
ARK Invest was one of 11 spot Bitcoin ETF applications approved by the SEC.
The others included BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex WisdomTree and Invesco Galaxy.
The spot Bitcoin ETFs create a monetary pipeline between Wall Street and the major digital assets by market capitalization.
Bitcoin is trading at $45,966 at the time of writing, up 1.6% in the past 24 hours.
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