Delve into ARK CEO Cathie Wood's exciting forecast for Bitcoin, predicting a staggering rise to $2 million by 2030.
Learn about the influence of the physical Bitcoin ETF approval and the anticipated mining reward halving, and explore other expert predictions in the world of cryptocurrency.
Bitcoin Reaching $600K to $1.5M by 2030
In an appearance on CNBC's "Squawk Box" on January 11, 2024, Cathie Wood, CEO of ARK Invest, which has recently gained attention due to the approval of its physical Bitcoin ETF, predicted that Bitcoin prices could soar to $1.5 million by 2030.
Cathie Wood outlined two scenarios in her BTC price prediction: a base scenario foreseeing a rise to $600,000 and a bullish scenario predicting an increase to $1.5 million by 2030.
On January 11, the U.S. Securities and Exchange Commission (SEC) approved the listing of a physical Bitcoin ETF. Wood believes this approval increases the likelihood of the bullish scenario unfolding.
The listing of Bitcoin on various cryptocurrency exchanges globally, including in the U.S., has been significant.
However, the trading of a physical Bitcoin ETF would enable large institutional investors to indirectly invest in BTC, further enhancing its credibility and potentially impacting its price significantly.
In the same program, Cathie Wood also stated that Bitcoin has become the first regulatory-compliant, global, decentralized digital currency system.
Is a Major Bitcoin Price Surge on the Horizon?
With the Bitcoin (BTC) mining reward halving anticipated around April 2024, there is a growing consensus predicting a rise in Bitcoin's price.
The physical Bitcoin ETF is expected to increase demand from institutional investors, while the halving event, reducing the number of new BTC issued, could combine with the ETF's impact to significantly boost BTC prices.
Blockware Solutions, a mining-related service provider, predicted in August last year that BTC might reach $400,000 in the next halving cycle.
Similarly, Michael Saylor of MicroStrategy, a continuous BTC buyer, stated in November that Bitcoin prices could potentially increase tenfold in the future.
>> Click here for other price projections.
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