Home » Briefings » Crypto Briefings » ARK Invest BTC price target ‘well above’ $1M

ARK Invest BTC price target ‘well above’ $1M

Mar. 11, 2024

Bitcoin has notably eclipsed the $71,000 mark, achieving a new zenith on its journey and outstripping silver by market capitalization. This ascent not only cements its status as a premier global asset but also triggers a ripple of anticipation for its future prospects.

Meanwhile, Cathie Wood, the visionary CEO of ARK Invest, has made a bold prediction about Bitcoin’s future price trajectory, forecasting a price point for the digital behemoth that skyrockets beyond the once-unimaginable $1 million threshold by 2030.

BlackRock’s iShares Bitcoin ETF (IBIT) has amassed an impressive 195,985 bitcoins in less than two months since its launch, surpassing the holdings of Michael Saylor’s MicroStrategy, which stood at 193,000 tokens as of Feb. 26. This development showcases the growing institutional interest in Bitcoin and the potential for spot ETFs to become major players in the crypto market.

Today’s Newsletter

ARK Invest BTC price target ‘well above’ $1M
Bitcoin rockets above $71,000, surpasses silver in market cap
Blackrock’s Bitcoin ETF nears 200k BTC, passing Michael Saylor’s MicroStrategy

Markets

Ticker

24hr

Bitcoin

3.5%

Ethereum

3.2%

12.9%

L1s

4.6%

14.9%

L2s

1.9%

13.1%

DeFi

2.7%

12.8%

Fear & Greed Index

Extreme Greed (82)

Data powered by CoinGecko.

-This newsletter is brought to you by SIMETRI-

Your expert guide to crypto investing. Learn actionable strategies, tactics, and investing ideas to help you become a smarter, more profitable crypto investor.

LEARN MORE

Top Stories

BITCOIN

ARK Invest BTC price target ‘well above’ $1M

Wood’s optimism about Bitcoin’s future is rooted in the potential for increased institutional involvement in the crypto market. Despite recent price appreciation, Wood notes that major financial institutions, such as Morgan Stanley and Bank of America, have yet to fully embrace Bitcoin. This suggests that the current price action has occurred without the full participation of these key players, indicating that there is still significant room for growth.

The introduction of Bitcoin ETFs has opened the door for a broader range of investors to participate in the market, potentially driving up demand and, consequently, the price of BTC. As Bitcoin continues to gain legitimacy and acceptance within the financial world, it is likely that more institutions will follow suit, further fueling its growth and solidifying its position as a viable asset class. [cointelegraph]

BITCOIN

Bitcoin rockets above $71,000, surpasses silver in market cap

The rise of Bitcoin has been nothing short of impressive, as it continues to climb the ranks of the world’s most valuable assets. With a market cap of $1.4 trillion, Bitcoin has left behind notable companies such as Meta and now has its sights set on Alphabet, the parent company of Google. Although still far behind gold, which holds the top spot with a market cap of $14.7 trillion, Bitcoin’s meteoric rise has captured the attention of investors and financial institutions worldwide.

The recent surge in Bitcoin’s price can be attributed to several factors, including the ongoing success of spot Bitcoin ETFs and the anticipation surrounding the upcoming Bitcoin halving event. The halving, which occurs approximately every four years, reduces the reward paid to Bitcoin miners for processing new blocks on the network. As the fourth halving approaches, set to take place on April 15, market sentiment remains bullish, with many investors eagerly awaiting the potential impact on Bitcoin’s price. [cryptobriefing]

BITCOIN

BlackRock’s Bitcoin ETF nears 200k BTC, passing Michael Saylor’s MicroStrategy

The rapid accumulation of Bitcoin by BlackRock’s IBIT highlights the increasing demand for exposure to the leading crypto among institutional investors. The ETF’s daily inflows, often exceeding hundreds of millions of dollars, have propelled it to become the largest of the new spot products, with the exception of the Grayscale Bitcoin Trust (GBTC), which was converted from a closed-end fund.

The launch of these products has been eagerly awaited by investors seeking a more regulated and accessible way to gain exposure to Bitcoin. The success of BlackRock’s IBIT and the potential for more institutional players to enter the market could further legitimize Bitcoin as an investment vehicle and pave the way for greater acceptance by traditional financial institutions. [coindesk]