ARK Invest chief executive Cathie Wood says that an explosive Bitcoin (BTC) price surge to $1,500,000 is still in the cards.

In a new interview with science and tech entrepreneur Peter Diamandis, Wood says that ARK’s prediction for the flagship digital asset hitting a price tag of $1.5 million by 2027 still has time to play out.

According to Wood, institutional investors will increasingly turn their attention toward the crypto king as its path strays away from traditional assets, eventually causing it to skyrocket.

“The forecast was, our bull case was $1.5 million in five years, so that would have been 2027. We still have time, and we still think that’s going to be right. If you just look at the institutional push into Bitcoin, this new asset class, they have to consider it as fiduciaries.

When you use those code words – ‘new asset class’ – what it means the correlation of these returns are very low compared to those of other assets.”

Since Bitcoin’s supply is capped at 21 million and institutional investors are now taking it more seriously, Wood says BTC is now in a position to increase in price quicker than ever before.

“What are we saying? There are 19.6 million Bitcoin out there right now, and the highest it will ever go is 21 million. Well okay, there’s real scarcity value and what is going to happen? The price increase for every institutional dollar pushing in now is going to be much higher than it was last year, two years ago.”

Bitcoin is trading for $64,908 at time of writing, a 3.85% increase during the last 24 hours.

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CEO of ARK Invest, Cathie Wood has shared her perspective on the approval timeline for Spot Bitcoin ETFs. She has also highlighted the significant impact the official authorization of Bitcoin ETFs would have on the price of BTC.

BTC Price Boom Predicted Following ETF Acceptance

Founder and CEO of American asset investment management firm, ARK Invest, Catherine Duddy Wood has recently appeared in an interview with Yahoo Finance. The live interview which was published via YouTube centers on Wood’s views and opinions regarding the potential approval of Spot Bitcoin ETFs and its effect on the price of BTC. 

According to the ARK Invest CEO, the price of BTC could surge substantially if the United States Securities and Exchange Commission (SEC) approves Spot Bitcoin ETFs for institutional investors. 

“What we think is going to happen here is that the SEC is going to be giving BTC, a spot bitcoin ETF, the green light for institutional investors to participate. I think a lot of institutions have been reticent before the SEC approves a spot bitcoin ETF to do very much at all in the crypto asset world,” Wood stated.

She added:

“All we need is for the trillions of dollars in institutional assets out there to allocate maybe 0.1% or 0.2% to an ETF, which will be one of the easiest ways to gain exposure and one of the most efficient ways to gain exposure to BTC. That will move the price significantly.” 

BTC price fails to beat resistance at $43,000 | Source: BTCUSD on Tradingview.com

Bitcoin ETF Approval Expected In January

During the interview, Wood outlined a timeline for the approval of Spot Bitcoin ETFs, predicting the potential approval dates for January. 

“We do think it will be in January. Famous last words, don’t want to say we know anything, because we don’t. But it’s just the actions of the SEC that are leading us to that conclusion,” Wood said.

Despite the positive forecast, the ARK Invest founder also stated that if the US SEC remains undecided about Spot Bitcoin ETFs, then a BTC ETF may not be necessary. 

“We don’t want a spot bitcoin ETF to get the green light if there are any uncertainties that the SEC may have. So I think we’re answering those uncertainties one by one, each of the filers for a spot bitcoin ETF. And I think the dialogues are very positive. I think the outlook is bright for a spot bitcoin ETF,” Wood stated.

Featured image from Markets Insider, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

The U.S. Securities and Exchange Commission (SEC) is reportedly discussing crucial technical details with financial firms that applied for spot market Bitcoin (BTC) exchange-traded funds (ETFs).

According to a new report by Reuters, industry executives say that the deliberation between the regulatory agency and those who placed bids for BTC ETFs is a sign that the SEC will soon approve the products.

Anonymous sources familiar with the matter told Reuters that the topics of discussion include custody arrangement, creation and redemption mechanisms and investor risk disclosures.

A spot market BTC ETF would give traders exposure to the crypto king via traditional finance and stock exchange platforms. However, the SEC for a while rejected bids to create such products, citing consumer safety.

In August, a federal judge ruled against the regulatory body, saying that it must reconsider its rejection of crypto asset manager Grayscale’s bid to create a spot market BTC ETF as a means of avoiding arbitrariness and inconsistency.

Previously, the SEC had approved futures BTC ETFs, but the judge said they failed to adequately explain why futures ETFs were greenlit while spot market ones were denied.

Marquee financial firms that have applied to create spot market BTC ETFs also include Cathie Wood’s ARK Invest, the world’s largest asset manager BlackRock and mutual fund manager VanEck.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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