The cryptocurrency market has been extremely volatile lately. The world’s largest cryptocurrency, Bitcoin (BTC), has witnessed several highs and lows in the past couple of days. After trading at a low of $83,976.85 just weeks ago, the king coin jumped to a high of $107,068.72. Despite being so close to its all-time high of $109,114.88, the asset failed to garner enough support. Bitcoin was trading at $102,888.14 following a 0.50% drop over the past 24 hours. Amidst this, Cathie Wood, the CEO of Ark Invest, dropped a bullish prediction for the king coin.
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Can Bitcoin Really Claim $1.5 Million?
Appearing in a recent interview with CNBC, Wood revealed that the king coin has the potential to witness massive growth. She presented Ark Invest’s forecasts for Bitcoin. These were reportedly created by David Puell, the company’s market analyst. According to Wood, Ark Invest projects that Bitcoin will reach a price objective of $700,000 to $750,000 by 2030 in the basic case, and it might reach $1.5 million in the bull market.
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Considering the volatile nature of the market, the above-mentioned prediction isn’t all that surprising. She pointed out that several factors will add to the foundation of the king coin. As more investors start to see cryptocurrencies as a store of wealth, Cathie Wood discusses the asset’s potential to either entice the gold market or take some of its market share.
It should be noted that Wood’s Ark Invest has been purchasing Bitcoin for a while now. More recently, the firm made $58 million in Bitcoin investments through its ARK 21Shares Bitcoin ETF. Highlighting the same, she noted how institutional investment and Bitcoin adoption are still in their infancy. The potential increase in the same could drive the price of BTC, along with the entire market. She added,
“Institutions are just testing the waters.”
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