Cathie Wood Sees Bitcoin Price Reaching $1.5M by 2030 After ETF Approval

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

"We think the probability of the bull case has increased with this SEC approval. This is a green light," said Wood on CNBC. On Wednesday, spot bitcoin ETFs were finally approved in the U.S. after a decade of trying. The Securities and Exchange Commission gave the green light Wednesday to key filings from the markets seeking to list the groundbreaking products.

Read more: ARK Invest Maintains Prediction Bitcoin Price Will Hit $1M by 2030

The ARK Invest CEO also said a bear case would see the price rise to $258,500 and a base case of $682,800. ARK backed up the previous $1 million price prediction by pointing to a higher hashrate, long-term holder supply, and addresses with a non-zero balance compared to the prior downturns. The SEC's approval of the spot ETFs has likely added to the bullish thesis.

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ARK Invest is among the asset managers approved by the SEC to roll out bitcoin ETFs, which started trading on Thursday. On Thursday, the price of BTC briefly topped $49,000 for the first time since December 2021. However, it gave up all its earlier gains and is now trading near $46,322.

ARK isn't the only one expecting a massive jump in bitcoin prices. Standard Chartered Bank recently predicted that the price of bitcoin could rise to levels closer to $200,000 by the end of 2025, comparing the bitcoin ETF to the first U.S.-based gold exchange-traded product, which launched in November 2004. Following this, the price of gold rose over 4x in the seven years it took for gold ETP holdings to mature.

Read more: Why Are Bitcoin ETFs Such a Big Deal? Gold Provides a $100 Billion Answer