Cathie Wood’s ARK Invest is doubling down on its bullish outlook for Bitcoin, forecasting that the leading cryptocurrency could skyrocket to as much as $1.5 million per BTC by 2030 under its bull case scenario​.

The firm’s Big Ideas 2025 report published on Jan. 6 presents three possible price targets, predicting that even in its worst-case scenario, Bitcoin would still climb to $300,000, with a base case projection of $710,000.

“Bitcoin is on pace to meet our 2030 price targets,” the report states, citing increased adoption as digital gold, rising institutional investment, and a tightening supply as key drivers.

ARK points to spot Bitcoin exchange-traded funds (ETFs) as a game-changer, noting their record-breaking launch.

“On their first day of trading, the spot bitcoin ETFs attracted over $4 billion of inflows, a record high for ETF launches, surpassing the $1.2 billion that flowed into the gold ETF in its first month in November 2004,” the report states. “Inflows into the spot bitcoin ETFs have dwarfed the first-month inflows into each of the 6,000 ETFs launched over the past 30 years.”

The firm also mentions a corporate interest in Bitcoin, noting that public companies now hold over $55 billion worth of BTC, representing a 5 times increase since 2023​.

Bitcoin’s scarcity

ARK suggest Bitcoin’s unique position as “the most decentralized and transparent monetary asset in history”, with long-term holders controlling a record share of supply.

The percentage of Bitcoin’s supply last active more than three years ago reached an all-time high of 40% in 2024, the report added.

The fourth Bitcoin halving is another catalyst for future price appreciation. “Bitcoin’s annual inflation rate has dropped below gold’s long-term supply growth,” ARK notes.