Cathie Wood, the founder of Ark Invest and known as the “Queen of Stocks,” has repeatedly expressed optimism about Bitcoin surpassing $1 million by 2030. With the approval of a Bitcoin spot ETF in the United States earlier this year, which 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 announced this update during the Bitcoin Investor Day Summit in New York on the 23rd of this month. She believes that the Bitcoin spot ETF will lead to a significant increase in institutional demand and higher portfolio allocations. Consequently, she has increased her target price from $1.5 million, which was updated in January, to $3.8 million, an increase of $2.3 million.
Wood emphasized that a large influx of institutional demand and a mere 5% increase in portfolio allocation would significantly boost the price of BTC. In an interview earlier this month, Wood stated that her initial target of $1 million for 2030 was too conservative, prompting her to raise it to $1.5 million. In Ark Invest’s annual report in February, Wood expressed optimism that Bitcoin’s price would reach $2.3 million in the best-case scenario, assuming a 19.4% allocation of funds to Bitcoin based on the global investable asset base of $250 trillion.
During the summit, Wood also discussed the upcoming fourth halving in April, predicting a similar bullish effect as the previous halvings in 2012, 2016, and 2020. Following those halvings, Bitcoin’s price saw increases of 8,069%, 284%, and 559%, respectively, within 12 months. Wood expressed confidence in Bitcoin, referring to it as the “financial superhighway” and emphasizing its importance in emerging markets.
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– The Ultimate Guide to Bitcoin Halving in 2024: When will it happen? What should I pay attention to? How will it affect prices and miners?