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Renowned investor and ARK Invest CEO, Cathie Wood, is revising her Bitcoin (BTC) price target, citing a surge in institutional interest in the leading digital asset.
Wood’s latest forecast, as reported by Benzinga, envisions Bitcoin skyrocketing to $3.8 million by 2030. This projection hinges on institutions allocating slightly over 5% of their portfolios to BTC.
In March, during New York Investor Day, Wood unveiled this revised forecast, indicating a significant uptick from her previous prediction by $2.3 million. She attributes this optimism to the SEC’s approval of spot BTC exchange-traded funds (ETFs), including one operated by ARK.
“Last year we put out our bull case for Bitcoin. It was $1.5 million. With this institutional green light that the SEC [US Securities and Exchange Commission] has provided, kicking and screaming though it did, the analysis we’ve done is that if institutional investors were to allocate a little more than 5% of their portfolios to Bitcoin, as we think they will over time, that alone would add $2.3 million to the projection I just gave you,” Wood stated.
The ETF launches in January witnessed remarkable success, attracting billions of dollars in investment. Wood believes these ETFs pave the way for institutional access to Bitcoin, potentially driving its value to unprecedented heights.
If Wood’s prediction materializes, Bitcoin could witness a staggering 6,572% increase from its current value within six years.