The approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) has greatly stimulated Bitcoin bulls. As one of the most well-known cryptocurrency bulls on Wall Street, Cathy Wood, the head of Ark Investment and a star fund manager known as the "Goddess of Stocks," recently raised her expectations for cryptocurrency prices.
Wood said that by 2030, the price of Bitcoin may reach $1.5 million. This is a whopping $500000 higher than her previous expectation of $1 million.
In the early hours of Thursday (January 11th) Beijing time, the SEC announced that it had approved the listing and trading of spot Bitcoin ETFs through expedited mode, and authorized 11 ETFs to start listing and trading on Thursday local time. The approved spot Bitcoin ETF issuers include Ark/21Shares, as well as investment giants such as BlackRock, Kingsoft, and Fidelity.
"We believe that SEC approval has increased the likelihood of a bull market," Wood said in a media interview on Thursday.
Wood's baseline forecast is that the price of Bitcoin will reach $682800. In an optimistic scenario, the price of Bitcoin may rise to $1.5 million, more than 30 times the current price.
Even in a pessimistic scenario, Wood believes that the price of Bitcoin may climb to 258500, more than five times the current price.
"You can see these constituent elements, and you can see how conservative we are in terms of these constituent elements," Wood said. This is a great idea. It is the first global, decentralized, digital, rule-based - and this is crucial - monetary system in history. This is a very great idea.
The approval of Bitcoin ETF products has sparked bullish sentiment among many forecasters and industry veterans compared to Bitcoin, as more and more investors will be able to access the cryptocurrency.
Tom Lee, co-founder and research director of Fundstrat Global Advisors, a US investment firm, recently stated that with the approval of ETFs and a surge in demand, the price of Bitcoin may soar to historic highs in the coming years. He said that Bitcoin may jump to the range of $100000 to $150000 in the next 12 months, and this cryptocurrency may soar to $500000 in the next five years.
Bitcoin fell 64% in 2022 and then more than doubled in 2023, largely due to market speculation that the SEC will ultimately approve ETFs.
After the SEC approved the spot Bitcoin ETF, Bitcoin prices briefly broke through the $49000 mark on Thursday, reaching a new high since December 2021. Currently, the price of the cryptocurrency is trading above $46000.