Ark Invest CEO Cathie Wood says the crypto ecosystem will be dominated by bitcoin and ether and will scale from about $1 trillion today to $25 trillion in 2030. “The regulatory breakthrough is very important to bring institutions online,” said the asset manager, emphasizing that the partnership between Blackrock, the world’s largest asset manager, and the Nasdaq-listed crypto exchange Coinbase “is going to be very important.”
Cathie Wood’s Crypto Market Outlook: $25T by 2030
Cathie Wood, the CEO and CIO of Ark Investment Management (Ark Invest), discussed the future outlook for the crypto industry and the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC on Tuesday.
Wood is optimistic about the SEC approving spot bitcoin ETFs, pointing to “significant” changes in the current regulatory landscape compared to a year ago. She mentioned, “The SEC actually asked us questions,” referring to Ark’s spot bitcoin ETF application. Wood noted that Ark’s previous filings were rejected outright without any engagement. She further stated that the securities regulator also engaged with other applicants, such as Blackrock.
The CEO of Ark Invest continued: “The regulatory breakthrough is very important to bring institutions online effectively.” She emphasized, “Blackrock and Coinbase partnership is going to be very important,” referring to the agreement where Blackrock’s Ishares Bitcoin Trust will utilize Coinbase Custody as its custodian. Wood opined:
If you look at both ether and bitcoin, our expectation is the crypto ecosystem will be dominated by those two and that it will scale from a little more than $1 trillion today to $25 trillion in 2030.
Wood and her asset management firm have predicted that the price of bitcoin will hit $1.48 million. In February, Ark Invest presented three bitcoin price scenarios, projecting a base case of $682,800 by the end of 2030. The bull case envisioned BTC surging to $1.48 million within the same timeframe. In July, Wood expressed increased confidence in bitcoin’s price reaching $1.48 million.
The Ark Invest chief investment officer believes that the SEC will approve multiple spot bitcoin ETFs at once. She noted that Ark’s spot bitcoin ETF application has a final deadline of Jan. 10, so the SEC must either approve or deny it. In an interview with Bloomberg on Tuesday, Wood said:
What we think could happen … is by that time, they will approve not just one … because they don’t want to pick winners.
JPMorgan similarly said in September that it expects the SEC to approve multiple spot bitcoin ETFs at once. According to SEC Chairman Gary Gensler, the securities regulator is currently considering between eight and 10 spot bitcoin ETF applications.
What do you think about the prediction by Ark Invest CEO Cathie Wood about spot bitcoin ETFs and the crypto market exploding to $25 trillion in 2030? Let us know in the comments section below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments