Cathie Wood, CEO of ARK Invest, has revised her Bitcoin price forecast, now predicting it could soar to $1.5 million by 2030. This updated projection, a 50% increase from her earlier estimate of $1 million, follows the U.S. SEC's recent approval of spot Bitcoin ETFs.

Speaking on CNBC, Wood expressed increased confidence in Bitcoin's bullish potential, attributing this optimism to the SEC's green light for the ETFs. She outlined different scenarios for Bitcoin's future value: a bear case of $258,500, a base case of $682,800, and the bullish $1.5 million target. The bullish scenario is bolstered by factors like Bitcoin's growing hashrate, the supply held by long-term holders, and the rising number of addresses with non-zero balances.

ARK Invest, one of the asset managers granted SEC approval for Bitcoin ETFs, saw these ETFs start trading recently. Following this, Bitcoin's price briefly surged past $49,000, its highest since December 2021, though it later retreated to around $46,322.

Standard Chartered Bank also foresees a significant increase in Bitcoin's price, predicting it could reach close to $200,000 by 2025. This prediction draws parallels to the gold market's response to the launch of the first U.S.-based gold exchange-traded product in 2004, after which gold prices quadrupled over seven years.

Coindesk