Cathie Wood expects Bitcoin (BTC) price to reach $1.5 million by 2030 following ETF approval

ARK Invest CEO Cathie Wood said on CNBC on Thursday that Bitcoin (BTC), the world's largest cryptocurrency by market value, could reach a price of $1,500,000 by 2030 in a bullish scenario, upping her estimate from one previous forecast of $1 million by 50%.

“We believe the likelihood of a bull case has increased with this SEC approval. That’s a green light,” Wood said on CNBC. On Wednesday, spot Bitcoin ETFs were finally approved in the US after a decade of attempts. The Securities and Exchange Commission on Wednesday gave the green light to key filings from markets seeking listing of the breakthrough products.

The CEO of ARK Invest also said that a bear scenario would see the price rise to $258,500 and a base case scenario to $682,800. ARK reinforced the previous price prediction of $1 million by pointing to a higher hash rate, long-term bearer supply, and addresses with non-zero balances compared to the previous downturns. The SEC's approval of spot ETFs has likely reinforced the bullish thesis.

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ARK Invest is among the SEC-approved asset managers to launch Bitcoin ETFs, which began trading on Thursday. On Thursday, BTC price briefly exceeded $49,000 for the first time since December 2021. However, it gave up all previous gains and is now trading at around $46,322.

ARK is not the only one expecting a massive increase in Bitcoin prices. Standard Chartered Bank recently predicted that the price of Bitcoin could rise to levels near $200,000 by the end of 2025, comparing the Bitcoin ETF to the first US-based gold exchange-traded product launched in November 2004. This was followed by the price of gold increasing more than fourfold in the seven years it took for gold ETP holdings to mature.

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