Cathie Wood: Bitcoin Could Reach $1.5M by 2030
ARK Invest CEO Cathie Wood has raised her price prediction for bitcoin (BTC) to $1.5 million by 2030 in a bullish scenario. This represents a 50% increase from her previous estimate of $1 million. Wood made this statement during an interview on CNBC, where she emphasized that the recent SEC approval for spot bitcoin ETFs in the U.S. has increased the probability of a bullish outcome.
Wood: SEC Approval of Bitcoin ETFs a Game-Changer
According to Wood, the recent approval of spot bitcoin ETFs by the Securities and Exchange Commission (SEC) is a significant development for the cryptocurrency market. After a decade of trying, the SEC finally gave the green light to key filings from markets seeking to list these groundbreaking products. Wood sees this as a clear indication of a “green light” for bitcoin, which has the potential to drive its price to new highs in the coming years.
Bullish Case: Bitcoin Price Could Rise to $1.5M
Wood’s bullish prediction for bitcoin’s price entails a potential increase to $1.5 million by 2030. This optimistic scenario is fueled by the SEC’s approval of spot bitcoin ETFs, which has provided further validation for the cryptocurrency. Wood’s analysis takes into account factors such as a higher hashrate, long-term holder supply, and addresses with a non-zero balance compared to previous market downturns. These indicators contribute to her projection of a potential massive surge in bitcoin’s value.
Bear Case: Bitcoin Price Expected to Reach $258.5K
While Wood’s bullish scenario points to a significant rise in bitcoin’s price, she also highlights a more conservative projection. In a bearish case, Wood expects bitcoin to reach a price of $258,500. Although this prediction is considerably lower than the bullish scenario, it still represents a substantial increase from the current price. Wood’s ability to outline both optimistic and cautious outlooks demonstrates her comprehensive assessment of the cryptocurrency market.
Standard Chartered Bank Predicts $200K Bitcoin Price by 2025
Wood is not alone in her positive outlook for bitcoin’s price. Standard Chartered Bank recently predicted that bitcoin could reach levels closer to $200,000 by the end of 2025. The comparison made by the bank draws parallels between the bitcoin ETF and the first U.S.-based gold exchange-traded product. Following the launch of the gold ETP in 2004, the price of gold experienced a significant surge over the next seven years. Standard Chartered Bank anticipates a similar trend for bitcoin.
As bitcoin continues to gain mainstream recognition and adoption, experts like Cathie Wood and Standard Chartered Bank are becoming increasingly optimistic about its future price potential. The recent SEC approval of spot bitcoin ETFs has further bolstered these bullish forecasts. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate significantly. Investors should conduct thorough research and exercise caution when trading cryptocurrencies.
*Edited by Aoyon Ashraf.*
Analyst comment
Positive news
As an analyst, the market is expected to see a bullish trend in the coming years. With the SEC’s approval of spot bitcoin ETFs, there is increased validation and potential for bitcoin to reach new highs. Cathie Wood predicts a price of $1.5 million by 2030, while Standard Chartered Bank forecasts a price of $200,000 by 2025. However, it’s important to note that the cryptocurrency market is volatile, and investors should proceed with caution.
