Cathie Wood predicts Bitcoin will reach $1 million sooner than 2030 after record ETF performance.

ARK Invest CEO Cathie Wood recently declared that Bitcoin (BTC) will surpass $1 million well before 2030, the projected year that was her company’s previously bullish schedule.

This updated price target comes as a result of new institutional participation and significant regulatory milestones, most notably the approval of a Bitcoin exchange-traded fund (ETF) in the United States.

Edit outlook

In an interview with the New Zealand Herald on March 7, Wood shared that the introduction of spot ETFs marked a significant turning point in Bitcoin’s wider acceptance and integration into the traditional financial system.

The SEC approval and subsequent record-breaking performance of these ETFs has accelerated Bitcoin’s valuation timeline.

Wood said major financial institutions such as Morgan Stanley, Merryl Lynch or Bank of America have yet to join the institutional push for Bitcoin, suggesting a Bitcoin price surge is still imminent. She said:

“Because no platform has yet accepted Bitcoin, all this price action has occurred before they have, so we haven’t even started yet.”

Due to continued development and increased interest in spot ETFs, Wood said ARK Invest now considers its initial target of $1 million by 2030 too conservative.

The company revised its outlook to a much higher figure than its initial estimate, driven by new expectations of institutional participation that could potentially more than double Bitcoin’s incremental price assumptions.

Breaking ATH

Wood’s prediction is rooted in strong ETF inflows and the possibility of true price discovery if Bitcoin exceeds $70,000 without facing major technical issues like those faced by Coinbase last week.

Wood said Bitcoin’s recent price performance signals a shift in institutional trends and expects the flagship cryptocurrency to reach a market capitalization of $20 trillion over the next few years, bringing the price per token below $1 million.

Her comments come as Bitcoin has hit record highs just weeks before its expected halving in late April. The flagship cryptocurrency briefly hit all-time highs on March 5 and March 8 before experiencing immediate and violent corrections both times.

Bitcoin made another attempt to break $70,000 on March 10, but weekend flows were not enough to push it past the threshold. BTC is trading at $69,400 at press time, with a strong demand zone below $69,000 and extreme selling pressure above the range.

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