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Katie Wood, CEO of Ark Invest, believes that a single bitcoin will reach a price of $1 million dollars sooner than 2030. Why the change in her prediction?
Katie Wood and the bitcoin rate
The renowned CEO believes we will see $1 million for bitcoin sooner than we think. In an interview with the New Zealand Herald newspaper, Katie Wood was asked about bitcoin. She said that the cryptocurrency's situation has changed since the launch of the BTC ETF in the US. The change is so great that the company she heads has changed its forecast on the price of bitcoin.
Recall that Ark Invest previously claimed that 1 BTC would be worth $1 million around 2030. Today, it believes that such a chart area will be reached earlier.
That goal was set before the SEC [i.e., the Securities and Exchange Commission in the U.S.] gave us the green light [i.e., agreed to ETFs], and I think that was the milestone that accelerated the [BTC rate] chart," Wood explained in an interview.
She went on to suggest that the biggest influx of institutional capital is yet to come. After all, so far, no major institution such as Morgan Stanley, Merryl Lynch or Bank of America has made a real commitment to the BTC market. And with that in mind, the sum of $1 million per bitcoin in 2030 now seems like an overly cautious vision.
Wood, however, declined to give an accurate prediction. So we don't know if she's assuming bitcoin will rise to $1 million as early as this cycle. However, given the current price, that would be a staggering rise.
Bitcoin Exchange Rate
Today, 1 BTC is worth about $68,700, up 8% in 7 days and down 1% from yesterday. In contrast, 1 ETH is worth about $3,850, up 11% for the week and down 2.5% from yesterday.
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