ARK Invest CEO Cathie Wood is reportedly raising her price target for Bitcoin (BTC) based upon an assumption of greater institutional investment in the top digital asset by market cap.
According to a new report from Benzinga, Wood’s latest prediction is that Bitcoin will soar to $3.8 million by 2030 if institutions decide to allocate slightly more than 5% of their portfolios to BTC.
The new Wood prediction, made at a New York Investor Day in March, increases her previous prediction by $2.3 million.
Says Wood,
“Last year we put out our bull case for Bitcoin. It was $1.5 million. With this institutional green light that the SEC [US Securities and Exchange Commission] has provided, kicking and screaming though it did, the analysis we’ve done is that if institutional investors were to allocate a little more than 5% of their portfolios to Bitcoin, as we think they will over time, that alone would add $2.3 million to the projection I just gave you.”
Wood is referring to the SEC approval of spot BTC exchange-traded funds (ETFs), which includes one operated by ARK. The ETFs, which launched in January, have attracted tens of billions of dollars in investment and are seen as the most successful launches of an ETF. The ETFs allow institutions to access Bitcoin.
If Wood’s prediction turns out to be accurate, it would mean that Bitcoin would increase from its current value by more than 6,572% in about six years.
Bitcoin is trading for $56,946 at time of writing, down more than 6% in the last 24 hours.
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