Benzinga - ARK Invest CEO Cathie Wood revised her expectations for Bitcoin’s (CRYPTO: BTC) growth trajectory upward, in light of the Securities and Exchange Commission (SEC) approval of several spot Bitcoin ETFs.
What Happened: Originally projecting Bitcoin to hit $1 million by 2030, Wood now sees the possibility of it reaching as high as $1.5 million within the same period.
In a conversation with CNBC, Wood said, “We think the probability of the bull case has increased with this SEC approval. This is a green light.”
ARK Invest is among the eleven firms to receive the nod from the SEC for a spot Bitcoin ETF product. The list comprises other notable investment entities such as BlackRock, Invesco, and Fidelity.
Wood anticipated that in a bearish scenario, Bitcoin could climb to an impressive $258,500, which still vastly exceeds its present valuation. As for her intermediate expectation, Wood’s base case puts the digital token’s future price at $682,800, stating, “You can see the building blocks, you can see how conservative we are in terms of those building blocks.”
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Why It Matters: Wood on Wednesday indicated that a considerable fraction of her wealth is allocated to Bitcoin. In a discussion with the Schwab Network, Wood opened up about her personal investment strategy.
She confirmed that her investments extend to her firm’s private funds and are notably concentrated on cryptocurrencies, especially Bitcoin.
Wood provided an estimate of her Bitcoin investment, stating, "Excluding Ark and excluding real estate, the financial net worth [in Bitcoin] is at least 25%."
Price Action: At the time of writing, BTC was trading at $46,050.65 up 0.38% in the last 24 hours, according to Benzinga Pro.
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