“With the recent approval of Bitcoin exchange-traded funds, we believe the likelihood of a bullish trend has substantially increased. This approval serves as a green light for Bitcoin,” Wood shared during an interview on CNBC.
Just a day before Wood’s statement, the US Securities and Exchange Commission (SEC) gave the green signal for the creation of the first spot Bitcoin ETFs—a significant development in the cryptocurrency world. ARK Invest was among the 11 companies on the coveted approval list.
In the event of a bearish scenario, Wood suggests that the price of Bitcoin would swiftly rise to $258,500, while the base case scenario anticipates a surge to $682,800. It is worth noting that Wood had previously predicted Bitcoin to reach $1 million, but the positive trend associated with a higher-than-expected hashrate has led her to revise her prognosis. As a testament to her faith in Bitcoin, Wood holds around 25% of her capital in the cryptocurrency.
On Thursday, January 11, Bitcoin briefly surpassed the $49,000 mark for the first time since December 2021. However, its price soon retreated, and as of Friday, January 12, the cryptocurrency is trading at $46,000.
ARK Invest is not the only company anticipating a meteoric rise in Bitcoin prices. Analysts at Standard Chartered also expect the first cryptocurrency to reach $200,000 by 2025, following the approval of a Bitcoin ETF in the United States.