Wood suggests Bitcoin could hit $1.5 million by 2030

Cathie Wood, CEO of ARK Invest, suggests that Bitcoin's (CRYPTO:BTC) likelihood of reaching $1.5 million by 2030 has increased, citing growing institutional interest.

Wood stated that financial institutions are considering adding Bitcoin to their portfolios due to its unique risk and return profile compared to traditional assets.

Wood's $1.5 million prediction is based on a 58% compound annual growth rate (CAGR).

ARK Invest also provides a base case scenario of $710,000 with a 40% CAGR and a bear case of $300,000 with a 21% CAGR.

Wood emphasised the significant impact of institutional investors on achieving the targeted value for Bitcoin.

This trend is leading to developments within the digital asset ecosystem, which Wood says could be strengthened through the rise of stablecoins.

Stablecoin transactions are also expected to double, rising from $15 trillion to $30 trillion in the future.

However, Bitcoin must surpass $100,000 to maintain an upward trajectory toward the $1.5 million target.

Nexo analyst Iliya Kalchev suggests that surpassing this threshold will avoid short-term selling pressure.

CryptoQuant data indicates a looming supply shock, with only 2.5 million BTC left on exchanges, which, if demand outpaces supply, could lead to rapid price appreciation.

While short-term volatility remains, the long-term outlook for Bitcoin remains optimistic, particularly as institutions increase their exposure.

Even a small investment in Bitcoin today could yield returns if Wood's projections materialise.

Wood has outlined several price forecasts for Bitcoin, asserting that it could reach as high as $3.8 million by 2030.

“Many know us for our $1.5 million price target (for BTC). The acceleration of institutionalisation has increased the likelihood of our target being met," Cathie Wood stated.

At the time of reporting, the Bitcoin (BTC) price was $96,489.14.