Cathie Wood, the founder of Ark Invest and known as the “female stock god,” has repeatedly expressed optimism that Bitcoin will surpass $1 million by 2030. With the introduction of a Bitcoin spot ETF in the United States earlier this year, which has triggered a new bull market for Bitcoin, Wood has now raised her target price for BTC to a staggering $3.8 million, nearly 60 times higher than the current price of $64,523.
According to Business Insider, Wood made this announcement at the Bitcoin Investor Day Summit in New York on the 23rd. She stated that the Bitcoin spot ETF will lead to significant institutional demand and higher portfolio allocations. As a result, she has increased her previously updated target price of $1.5 million in January by $2.3 million.
Wood believes that a significant increase in the price of BTC can be achieved with a substantial institutional demand and a higher portfolio allocation of just 5%.
In an interview earlier this month, Wood mentioned that she considered her initial target of $1 million by 2030 to be too conservative and raised it to $1.5 million. In Ark Invest’s annual report in February, they expressed optimism that if 19.4% of the $250 trillion global investable asset base were allocated to Bitcoin, the price would reach $2.3 million.
During the summit, Wood also expressed her confidence in Bitcoin, referring to it as the “financial superhighway” and emphasizing its importance in emerging markets.
Wood further stated that she expects the upcoming fourth halving in April to have similar positive effects on the price of Bitcoin, similar to the previous halvings in 2012, 2016, and 2020, which resulted in price increases of 8,069%, 284%, and 559% respectively.
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