Cathie Wood, CEO of Ark Invest, has reaffirmed her bold prediction that Bitcoin’s price could soar to an astounding $600,000.
This projection was shared during a recent Yahoo! Finance interview, during which Wood discussed the potential of Bitcoin and the broader digital currency market, including the upcoming launch of new digital asset ETFs by Ark Invest in collaboration with 21Shares and the anticipated approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
The basis for the $600,000 prediction
In her interview, Wood emphasized the revolutionary nature of Bitcoin, stating that her firm’s “base case” as of today is $600,000 to $650,000.”
She underscored Bitcoin’s unique position as the first global, digital, private, rules-based monetary system. According to the famed stock picker, this is a stark contrast to the current unhinged state of global monetary policy.
As noted by Wood, Bitcoin’s potential stems from its scarcity and the institutional interest it has garnered. “There will only be 21 million Bitcoin ever…and we think that institutions, if the SEC blesses a Bitcoin ETF, will feel like the coast is clear,” she explained.
The path to a spot Bitcoin ETF
The conversation also touched on the potential for a spot Bitcoin ETF, a development Ark Invest is actively pursuing with 21Shares.
Wood shared her optimism about the SEC’s changing attitude, noting, “This time…we got questions back from the SEC, which means they’re engaged.” She considers this a positive shift, indicating a higher likelihood of approval.
The SEC’s decision, which is expected to come by Jan. 10 could significantly impact the adoption and valuation of Bitcoin.