2024-01-11 10:07:01 ET
Cathie Wood reiterated Thursday her belief that Bitcoin ( BTC-USD ) could rally substantially from now until the end of the decade, standing by her previous prediction that the cryptocurrency could touch $1.5M by 2030.
This came as her firm, ARK Invest, in partnership with 21Shares, was part of the first wave of spot Bitcoin exchange traded funds that are now available to investors. In the wake of the ETF news, BTC-USD was up about 9% early Thursday, climbing to about $48.9K.
"Our base case is in the $600K range,” Wood stated in a CNBC interview. “Our bull case is $1.5M by 2030.”
For Wood's call to be correct, Bitcoin would need to advance roughly 1,161% over the next handful of years to hit $600K. Meanwhile, the cryptocurrency would need to propel upwards by approximately 3,112% to hit $1.5M.
For reference, over the previous 5 years, the digital currency has advanced by 1,202%, although it is currently well off of its all-time high of more than $68K, which it reached in 2021.
In her CNBC interview, Wood also talked about the competitive landscape for the new spot Bitcoin ETFs, which she says will now engage in a fierce competition to gain market share. "Typically, just a few" will end up on top, Wood stated, although she expressed confidence that Ark 21Shares Bitcoin Trust ( BATS: ARKB ) will be one of those names.
Listed below are the Bitcoin ( BTC-USD ) exchange traded funds that were approved by the U.S. Securities and Exchange Commission:
- Grayscale Bitcoin Trust ( OTC:GBTC )
- iShares Bitcoin Trust ( IBIT )
- Valkyrie Bitcoin Fund ( BRRR )
- Ark 21Shares Bitcoin Trust ( ARKB )
- Invesco Galaxy Bitcoin ETF ( BTCO )
- VanEck Bitcoin Trust ( HODL )
- WisdomTree Bitcoin Trust ( BTCW )
- Fidelity Wise Origin Bitcoin Trust ( FBTC )
- Bitwise Bitcoin ETF ( BITB )
- Franklin Bitcoin ETF ( EZBC )
More on Bitcoin
- Cryptos, bitcoin stocks, including MacroStrategy, jump after ETFs approved (updated)
- SEC at long last approves spot bitcoin ETFs (updated)
- Bitcoin ETF Approval: What Does It Mean For Crypto Stocks
- Watershed Moment For Crypto: SEC Approves Spot Bitcoin ETFs
- SEC commissioners weigh in on now-approved spot bitcoin ETFs
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Cathie Wood continues to see $1.5M Bitcoin price as Bitcoin ETF launches