Cathie Wood’s ARK Invest is forecasting that the price of Bitcoin (BTC) will reach $1.5 million by 2030.
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The bold prediction was made as part of ARK Invest’s “bull case scenario” for the largest cryptocurrency by market capitalization. If the prediction proves true, the price of BTC will have risen 1,465% from the current level of $95,800 at which it trades.
In ARK Invest’s worst-case scenario, Bitcoin will increase to $300,000 within the next five years. The firm’s base case scenario has BTC trading at $710,000 by the start of the next decade. “Bitcoin is on pace to meet our 2030 price targets,” says ARK Invest in a report, citing increased adoption as digital gold, rising institutional investment, and a tightening supply as key drivers of future growth.
Game-Changer
ARK Invest called the advent of spot Bitcoin exchange-traded funds (ETFs) a year ago a “game-changer” for the entire crypto sector, noting the record-breaking launch and red hot growth of the ETFs. “On their first day of trading, the spot Bitcoin ETFs attracted over $4 billion of inflows, a record high for ETF launches,” states ARK Invest.
The firm also cites corporate interest in Bitcoin as a key catalyst, noting that public companies now hold over $55 billion worth of BTC, a five-time increase since 2023. Lastly, Cathie Wood’s firm says Bitcoin’s position as “the most decentralized and transparent monetary asset in history,” is a key reason for investors to remain bullish on the crypto.
The price of BTC has gained 113% over the last 12 months.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has risen 26.06% in the last 12 weeks.
