Cathie Wood Reaffirms $1.5 Million Bitcoin Target for 2030

Cathie Wood, chief executive of Ark Invest, has revived her long-term bullish case for bitcoin, reaffirming her forecast that the cryptocurrency could reach $1.5 million by 2030. That would require a gain of more than 17 times from current levels.

Wood recently restated the $1.5 million target for 2030, according to Motley Fool, a U.S. investment publication, on the 5th. With bitcoin trading at about $85,000, reaching that level would require a rise of roughly 1,665%.

From $1 Million to $1.5 Million, With Hopes Pinned on Institutional Money

This is not Wood's first bullish call on bitcoin. She has argued for the past five years that investors need to increase their bitcoin allocations.

In 2022, she became the first prominent investor to formally call for bitcoin to reach $1 million, and she has maintained a positive view of its long-term growth potential since.

Wood cites the entry of institutional investors as the single biggest driver of higher bitcoin prices. As bitcoin's range of uses widens and institutional money flows in earnest, she argues, the size of the market itself could expand sharply. She also views the U.S. regulatory environment for digital assets as moving in a more favorable direction than in the past.