Legendary investor Cathie Wood announced a new price prediction for BTC after the Bitcoin price reached an all-time high again.
Wood, who previously announced that he had a price target of $ 1 million for BTC in 2030, shared that he now thinks this target will come in a shorter time.
The revised forecast comes after the US Securities and Exchange Commission (SEC) gave the green light to Bitcoin spot ETFs, a major milestone that Wood believes accelerates the timeline for his price target.
Despite the recent rise in Bitcoin's price, Wood pointed out that no major platforms have yet approved Bitcoin, including Morgan Stanley, Merrill Lynch, Bank of America, UBS or Wells Fargo. “All of this price action happened before they approved it,” Wood said. “So, we haven't even really started yet.”
When asked about the timeline for Bitcoin to reach $1 million, Wood confirmed that his target is well above that figure. Wood now predicts a price level of more than $1 million by 2030.
Wood also highlighted the increasing interest of institutions in Bitcoin. “With our new expectations for institutional participation, the additional price we assumed for institutions has actually more than doubled,” he explained.
However, Wood did not disclose any specific prices, citing uncertainty about how quickly independent registered investment advisors in the United States would adopt Bitcoin.
*This is not investment advice.