Cathie Wood Believes Bitcoin To Reach $3.5 Million By 2030
Bitcoin could see a 5,000% return.
Every cryptocurrency bull run, experts come out with their Bitcoin (BTC) price prediction. Some predictions are low but then others are very high.
Recently Ark Invest Found Kathie Wood gave her Bitcoin price prediction.
Previously Wood predicted Bitcoin would rise to $1 million by 2030. After financial institutions released Bitcoin ETFs in January, Wood changed her stance.
In January, the SEC allowed 11 financial institutions to offer a Bitcoin ETF:
- Ark Invest
- Blackrock
- Van Eck
- Franklin Templeton
- Bitwise
- iShares
- Fidelity
- Wisdom Tree
- Invesco
- Valkyrie
- Grayscale
After the institutions offer Bitcoin, Cathie Wood also believes other financial institutions will join. Some of them include Vanguard.
When this happens, Wood believes the market will open the door and allow more investors access to Bitcoin. Wood now gives the cryptocurrency a $3.5 million price prediction.
Wood said according to Investor’s Business Daily:
“We put our bull case for bitcoin at $1.5 million.”
“If institutional investors were to allocate a little more than 5% of their portfolios to Bitcoin, that alone would add $2.3 million to the projection I just gave you.”
Bitcoin has risen 130% since last year to reach a high of $73,800 in March. Last year, Bitcoin was in the mid-$15,000 range.
In addition, Wood sees the currency devaluation in countries as causing horrible financial and monetary policies.
Wood said according to Coin Desk:
“There is something else going on around the world. There are currency devaluations taking place that people are not talking about. The Nigerian naira is down 50, 60% in the last nine months. Egypt just devalued by 40%. Argentina, continuing to devalue. I think is a flight to safety taking place, a hedge against devaluation a hedge against a loss of purchasing power and wealth.”
If Wood’s prediction is correct, Bitcoin will see a 5,300% return in six years.
Price prediction off-target
Woods makes a compelling case for Bitcoin to reach $3.5 million. With the current cycle, I think the timeline may be off.
This year is the Bitcoin halving which is expected to occur in mid-April. The next halving will occur in 2028. If the market cycle continues as it normally does, Whales could start to sell their holdings when the bull run ends.
In 2029, that could be the year Bitcoin decreases after reaching another all-time high if you compare it to past results. History is a strong indicator of Bitcoin’s price prediction.
But then the Bitcoin market is becoming more available to investors so the Bitcoin cycle could change. Only time will tell.
If the cycle continues, the next Bitcoin high will be in 2028–29 and then again in 2032–33 timeframes. So Cathie Wood’s prediction could be off by a few years.
If you like this read, then you should read this one next:
Do you believe Bitcoin will reach $3.5 million in six years from now?
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
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