In a recent Yahoo Finance interview, Ark Invest CEO Cathie Wood reaffirmed her ambitious prediction that Bitcoin could reach $600,000 in price.
In a recent interview with Yahoo Finance, Cathie Wood shared her projection of Bitcoin’s potential, emphasizing its broader implications for the digital currency market. Wood also discussed Ark Invest’s collaboration with 21Shares on new digital asset ETFs and expressed anticipation for the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
Foundation of the $600,000 Prediction
During the interview, Wood highlighted the transformative nature of Bitcoin, emphasizing that her firm’s current “base case” prediction stands at $600,000 to $650,000. She underscored Bitcoin’s distinctive role as the inaugural global, digital, private, rules-based monetary system, noting its stark contrast to the current unpredictable state of global monetary policy.
Wood pointed out that Bitcoin’s potential lies in its scarcity and the growing interest from institutional investors. Explaining further, she noted, “There will only be 21 million Bitcoin ever…and we believe that institutions, provided the SEC approves a Bitcoin ETF, will perceive a clear path forward.”
Journey Towards Approval: Spot Bitcoin ETF
The discussion also delved into the prospects of a spot Bitcoin ETF, a venture actively pursued by Ark Invest in collaboration with 21Shares.
Wood expressed her optimism regarding the evolving stance of the SEC, highlighting, “This time…we received questions back from the SEC, which suggests their active involvement.” She views this as a positive change, signaling an increased likelihood of approval.
Anticipated by January 10, the SEC’s decision holds substantial potential to influence both the adoption and valuation of Bitcoin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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