Cathie Wood: Bitcoin will reach $1 million by 2030

ARK Invest CEO Cathie Wood recently announced that Bitcoin (BTC) will surpass the $1 million mark by the expected year 2030 , which is her company’s previous bull run timeline.

This updated price target is the result of new institutional involvement and major regulatory milestones, notably the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States.

Revised Outlook

On March 7, Wood told the New Zealand Herald that the launch of the spot ETF marks a major turning point, marking the wider acceptance and integration of Bitcoin into the traditional financial system.

The SEC’s approval and the subsequent record-breaking performance of these ETFs accelerated Bitcoin’s value appreciation timeline.

Wood noted that major banks such as Morgan Stanley, Merrill Lynch or Bank of America have yet to join the institutional push for Bitcoin, suggesting that a price surge is imminent. She said:

“No platform has approved Bitcoin yet, so all this price action is happening before they approve Bitcoin, so we haven’t even started yet.”

Wood said that as events continue to develop and interest in spot ETFs grows, ARK Invest now believes that the initial target of reaching $1 million by 2030 was too conservative.

The firm has revised its outlook to a figure significantly higher than initially estimated, driven by new expectations of institutional participation, which could more than double Bitcoin’s incremental price assumptions.

Breaking ATH

Wood based his prediction on strong ETF inflows and the fact that real price discovery could occur if Bitcoin breaks through the $70,000 mark without encountering the major technical issues that Coinbase experienced last week.

Wood said bitcoin’s recent price performance marks a turning tide in institutional waters, and she expects the flagship cryptocurrency’s market cap to reach $20 trillion in the next few years, which would put its price per token just under $1 million.

Her comments come as Bitcoin hits unprecedented all-time highs in the weeks leading up to its halving, which is expected to take place in late April. Bitcoin briefly hit all-time highs on March 5 and March 8 before experiencing two sharp corrections.

On March 10, Bitcoin once again attempted to break through $70,000, but weekend traffic was not enough to push it past the threshold . At press time, Bitcoin is trading at $69,400, with a strong demand zone below the $69,000 mark and extreme selling pressure above the range.