ARK Invest’s CEO, Cathie Wood, has high expectations for Bitcoin’s future value, predicting it could soar to $3.8 million as it travels on the “financial superhighway.” According to Wood, if institutional investors allocate just over 5% of their portfolios to Bitcoin, it could add $2.3 million to this projection. This bullish outlook was shared during the Bitcoin Investor Day conference in New York, where Wood also mentioned her previous prediction of Bitcoin hitting $1.5 million by 2030.

Since the beginning of the year, Bitcoin has seen a 45% increase in value, currently trading at around $64,844. Wood also pointed out that the SEC’s reluctance to accept institutional investments in Bitcoin could potentially drive up the price. Notably, Ark Invest, along with other companies like BlackRock and Fidelity, received SEC approval for spot Bitcoin ETFs earlier this year, leading to record inflows into US ETFs and renewed interest in Bitcoin.

Industry experts, including Wood, anticipate that the upcoming Bitcoin halving event in April will create a supply shock, supporting the ongoing demand-driven rally. Wood draws parallels to previous halving events in 2012, 2016, and 2020, which all resulted in significant price increases for Bitcoin. She believes that we are still in the early stages of building an internet-based financial ecosystem that will reduce intermediary costs, further boosting Bitcoin’s adoption.

Wood also sees Bitcoin playing a crucial role in emerging economies like Nigeria, serving as a hedge against economic volatility and a promising investment opportunity. These trends align with her belief that Bitcoin could reach $1.5 million by 2030, emphasizing the cryptocurrency’s growing importance in the global financial landscape.

Post Views: 3