Why does Cathie Wood believe BTC's eventual price could reach $3.5 million?
TechFlow Selected TechFlow Selected
Why does Cathie Wood believe BTC's eventual price could reach $3.5 million?
Bitcoin still has a long way to go.
Navigating Web3 tides with focused insightsSource: bitcoinist
Compiled by: Blockchain Knight
Cathie Wood, CEO of Ark Invest, has reiterated her bullish stance on BTC.
The investment magnate recently revealed that she has allocated 25% of her personal wealth to BTC and predicts that crypto assets are on the fast lane toward new highs.
Discussing BTC's significance in emerging markets, Wood referred to it as a "super financial highway." As such, she reiterated that BTC’s price could eventually reach as high as $3.8 million.
Wood made these highly bullish predictions during the BTC Investor Day conference held last Friday in New York.
Interestingly, this latest forecast surpasses another prediction she made in January, when Wood projected digital assets could reach $1.5 million by 2030.
This implies that after reaching its current target, BTC could still grow an additional $2.3 million.
Wood attributes this potential price surge to significant shifts in global market dynamics, as BTC continues gaining adoption—particularly in developing countries.
Using Nigeria as an example—a country currently battling unprecedented inflation—she noted its citizens have increasingly turned to crypto assets like BTC as a hedge against inflation.
"Some signals suggest that not everything is fine with the world," said Wood.
Interestingly, Wood revealed that her investment firm, Ark Invest, has now shifted much of its focus toward such emerging markets.
Wood also pointed out that BTC prices may continue surging as institutional interest in BTC keeps rising, with institutions beginning to allocate slightly more than 5% of their portfolios to crypto assets.
Meanwhile, Wood believes the SEC's recent greenlighting of institutional BTC investments serves as a major catalyst for BTC’s rise toward $3.8 million.
"I think we’re still very early in the journey for BTC," Wood added.
As of March 24, BTC was trading at $64,256, up 25% over the past 30 days.
Most of BTC’s price gains over recent months have been driven by the launch of spot BTC ETFs in the United States.
Ark Invest, led by Wood, is one of the SEC-approved issuers of BTC ETFs and has performed relatively well since inception.
These ETFs have so far accumulated a net inflow of $11.269 billion since launch.
However, BTC is currently struggling near the edge of another price surge. Compared to its all-time high of $73,780 set earlier this month, BTC is currently down 12%.
Meanwhile, spot BTC ETFs experienced consecutive days of outflows last week amid price volatility.
On the other hand, BTC continues to attract bullish investor sentiment, and crypto assets may soon resume their upward momentum.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@bitcoinist
