Cathie Wood, founder and CEO of Ark Invest, shared her insights on Bitcoin‘s future in a CNBC interview following the SEC’s approval of all spot Bitcoin ETF applications. She predicted that Bitcoin could potentially reach $1.5 million by 2030 in a bullish scenario, with a base target price of $600,000.
Wood also disclosed that she personally holds 25% of her wealth in Bitcoin, viewing it as a public good. She compared Bitcoin’s potential impact to the internet revolution of the 90s, highlighting its underestimated potential in trade and financial services during its early days.
Ark Invest has been active in the market, drawing attention by selling Coinbase and GBTC shares during Bitcoin’s rise in the third quarter of 2023. They realized significant profits from these sales and subsequently invested in Robinhood, which recently announced its expansion into the UK market.
With these developments, Ark Invest’s spot Bitcoin ETF product, The ARK 21Shares Bitcoin ETF (ARKB), is set to be offered to investors. Ark Invest was among the first to complete the necessary procedures for the spot Bitcoin ETF application, positioning itself as a noteworthy player in the eyes of investors.