ARK Invest Company Boss Predicts Bitcoin Price to Reach IDR 15.5 Billion in 2030

Liputan6.com, Jakarta CEO of investment firm ARK Invest, Cathie Wood has significantly increased her bullish outlook on Bitcoin prices. In a recent interview, he revealed that ARK has predicted a Bitcoin price target of more than USD 1 million or the equivalent of IDR 15.5 billion in 2030.

Wood attributed this change to the recent approval of a spot Bitcoin ETF in the United States. The surge in interest and investment potential unlocked by this ETF has prompted ARK to re-evaluate Bitcoin's future.

“That target occurred before the SEC gave us the green light on a spot Bitcoin ETF. “I think it's a big milestone, and has moved the timeline forward,” said Wood, quoted from Yahoo Finance, Wednesday (20/3/2024).

Although Bitcoin has experienced significant price appreciation, Wood believes Bitcoin's bull run is just getting started. This is because large financial institutions, such as Morgan Stanley or Bank of America, have not yet fully accepted Bitcoin.

“No platform has approved Bitcoin yet. So all this price action had happened before they approved it, so we hadn't even started yet,” Wood explained.

The lack of involvement of mainstream institutions suggests more significant price increases are imminent. Wood hinted at a revised price target well above USD 1 million by 2030, but declined to provide specific figures.

Drivers of Bitcoin's Rise

Wood is known to have wild price targets for Bitcoin. This would be a huge gain, but early Bitcoin holders have already experienced such gains.

Wood has long been bullish on crypto. Coinbase is currently the largest holding of Ark Invest's flagship Ark Innovation ETF, and its Ark Next Generation Internet ETF also offers exposure to Bitcoin through its holdings of Grayscale Bitcoin Investment Trust.