ARK Invest founder Cathie Wood says a massive price target for Bitcoin just became more likely with the approval of spot market BTC exchange-traded funds.
In a new interview on CNBC Squawk Box, Wood says that ARK Invest’s bull case prediction of Bitcoin reaching the $1.5 million level by 2030 is now more probable after the U.S. Securities and Exchange Commission (SEC) approved on Wednesday 11 spot Bitcoin ETFs.
“Our base case is in the $600,000 range. Our bull case – and we think the probability of the bull case has increased with this SEC approval, this is a green light – our bull case is $1.5 million by 2030.
You can see the [price forecast] building blocks [on Ark Invest’s website]. You can see how conservative we are in terms of those building blocks. This is a big idea. It is the first global, decentralized, digital, rules-based – critical there – rules-based monetary system in history. It is a very big idea.”
ARK Invest was one of the 11 spot Bitcoin ETF applications that the SEC has approved.
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 top digital asset by market cap.
Bitcoin is trading for $45,966 at time of writing, up 1.6% in the last 24 hours.
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