Leading cryptocurrency Bitcoin (CRYPTO: BTC) is up over 100% in the last year, possibly driven by the optimism around the approval of spot Bitcoin ETFs, which came to fruition in the past week.
Many believe the launch of the Bitcoin ETFs could help send the price of Bitcoin even higher, including Ark Invest, which was one of the companies that received approval for a new Bitcoin ETF.
What Happened: Ark Invest CEO Cathie Wood sees more upside coming for Bitcoin. Over the years, Wood has been a strong believer in Bitcoin and has supported progressively higher price targets.
Wood’s price targets for Bitcoin of $400,000 and $500,000 by 2030 were eventually raised to $1.5 million, a number she’s backed multiple times.
“We are very optimistic about Bitcoin in particular,” Wood told Benzinga in a previous interview.
Bitcoin hit an all-time high of $68,789.63 in November 2021 and saw a decline in its price in 2022 after the bankruptcy and collapse of several major cryptocurrency companies.
Wood said that the addition of Bitcoin to companies’ balance sheets, hyperinflation in countries and the decentralization of the cryptocurrency could help with the future valuation of Bitcoin.
In its 2023 Big Ideas report, Ark Invest laid out several price targets for Bitcoin. The report sees Bitcoin hitting price targets in 2030 of $257,500 in the bearish forecast, $682,000 in an average market and $1.48 million in a bullish market.
Ark Funds’ ARK 21 Shares Bitcoin ETF (BATS:ARKB) was one of several Bitcoin ETFs recently approved by the SEC.
The approval of the Bitcoin ETFs strengthens the bull case for Bitcoin, Wood said in a recent interview with CNBC.
“We think the probability of the bull case has increased with the SEC approval. This is a green light.”
Ark Invest is also a large holder of Coinbase Global (NASDAQ:COIN), a leading cryptocurrency exchange that could get a boost from demand for Bitcoin.
At the time of writing, Coinbase Global is the largest holding in the Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF), representing 9.3%, 9.4% and 12.1% of assets respectively.
Related Link: EXCLUSIVE: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million — What Does She Know That We Don’t?
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