General Director of Ark Investment Management (hereinafter referred to as Ark Invest) Katie Wood increased her forecast for the price of Bitcoin after the approval of 11 spot exchange-traded funds for Bitcoin by the US Securities and Exchange Commission (SEC ). Referring to the annual report of the asset management company “Big Ideas Ark 2023”, which highlights “technological breakthroughs developing today and creating the potential for epxexponential growth tomorrow,” Wood noted the following: Our base scenario for the price of Bitcoin is in the range of $600,000. According to Ark predicts that in the future the price of BTC will reach $1.48 million per coin. We believe that the likelihood of a bullish scenario has increased following the approval of the ETF, this is a green light. Our bull case scenario calls for $1.5 million by 2030. This is the first global decentralized digital... rules-based monetary system in history. This is a colossal innovation. Ark and 21shares' proposal for a spot Bitcoin ETF was among 11 applications approved by the SEC this Wednesday. On the first day of trading, the trading volume of spot Bitcoin ETFs amounted to $4.6 billion. The court is of the opinion that spot Bitcoin ETFs will attract significant institutional flows into Bitcoin, which will lead to a large increase in the price of BTC.
