https://cointelegraph.com/news/bitcoin-bull-cathie-wood-ark-invest-btc-price-target-1m

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11 Mar 2024

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WILLIAM SUBERG
14 HOURS AGO

Bitcoin bull Cathie Wood: ARK Invest BTC price target 'well above' $1M

ARK has "brought forward" its expectations for where Bitcoin will be by 2030, as BTC price strength sees another all-time high in play into the weekly close.
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Bitcoin
BTC
$68,690
will hit $1 million sooner than 2030, the CEO of asset manager ARK Invest has said.In an interview with the New Zealand Herald on March 7, Cathie Wood revealed “new expectations for institutional involvement” in BTC price growth.

Wood: $1 million 2030 BTC price target has been "brought forward"

Bitcoin has transformed since the launch of the United States’ first spot exchange-traded funds (ETFs), Cathie Wood confirms.
Speaking before a mainstream media audience, the well-known Bitcoin bull doubled down on her existing conviction over the largest cryptocurrency’s future.
Such is the interest and momentum behind the spot ETFs, she explained, that even ARK itself has been forced to reevaluate how bullish it is on BTC.
Previously, the firm’s price target focused on $1 million per bitcoin by the year 2030. Now, the roadmap is changing.
“That target — it was before the SEC gave us the green light, and I think that was a major milestone, and it has pulled forward the timeline,” she explained, referring to the regulatory nod from U.S. regulator, the Securities and Exchange Commission.
Wood continued that no major wirehouse — names such as Morgan Stanley, Merryl Lynch or Bank of America — has yet joined the institutional push.
“No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we haven’t even begun,” she said.
Taking this into account, $1 million by 2030 now seems too conservative.
“Our target is above that; it’s well above that, and with our new expectations for institutional involvement, the incremental price that we assume for institutions actually has more than doubled,” she revealed, declining to give an exact figure for where BTC/USD might end up instead.

Bitcoin prepares for "wild week" near all-time highs

As Bitcoin circles new all-time highs into the March 10 weekly close, plenty of shifts are occurring among seasoned market participants’ own expectations.
Related: Bitcoin accumulation phase ends as ETFs fuel new $100K BTC price target
Traders and analysts see price discovery continuing in line with ETF inflows next week, with these showing no signs of slowing yet.
“It’s going to be a wild week,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, predicted on X (formerly Twitter).

“If Bitcoin can pass 70k before the Coinbase circuit breaker happens. True price discovery.”

Van Straten referenced turbulence at the largest U.S. exchange, Coinbase, as BTC/USD tapped new record highs last week.
He included a section of another mainstream interview with Larry Fink, CEO of asset manager BlackRock, which currently operates the biggest spot Bitcoin ETF.
BTC/USD traded at around $69,500 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1-day chart. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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AMAKA NWAOKOCHA
16 HOURS AGO

Binance exit sparks fears and opportunities in Nigeria’s crypto community

According to local crypto stakeholder Nathaniel Luz, Nigeria’s crypto ecosystem will see the rise of new crypto exchanges that will fill the vacuum created by Binance’s exit.
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Local cryptocurrency stakeholders have lamented the current ban on Binance naira operations in Nigeria, stating it will affect the livelihoods of many Nigerians and could increase youth unemployment in the country.
In separate interviews with Cointelegraph, local crypto stakeholders said the delisting of Nigerian naira-related services from Binance will lead to the rise of new crypto exchanges, which will fill the vacuum created by Binance’s exit by complying with local regulations.
Nathaniel Luz, the CEO of Flincap — a liquidity platform for crypto exchanges — said that several Nigerian traders who make a living from trading peer-to-peer on Binance are now affected. However, Luz said that some are trading on WhatsApp and Telegram groups.
According to the chief marketing officer of Flincap, Oladotun Wilfred Akangbe, the continuing uncertainty surrounding cryptocurrency regulation in Nigeria and the decision to halt Binance operations can undermine the confidence of many people in the space. He added that it could lead to massive fear, uncertainty and doubt in Nigeria’s crypto space.
In an official statement on its website, Binance said it would automatically convert naira balances to Tether
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from March 8 at 8:00 am UTC and cease support for naira deposits from March 5 at 2:00 pm.Withdrawals have not been allowed since March 8 at 6:00 am, and the conversion rate is 1 USDT for 1,515.13 naira. Binance’s peer-to-peer platform delisted all naira trading pairs in late February.
Related: Binance temporarily suspends Solana network withdrawals, citing ‘increased volume’
On Feb. 27, the governor of the Central Bank of Nigeria argued that crypto exchanges in Nigeria were suspected of handling illicit transactions, pointing to “suspicious flows” of funds at Binance.
As the suspicions of Binance’s alleged illicit operations in Nigeria intensified, the Nigerian House of Representatives Committee on Financial Crimes called Binance CEO Richard Teng to appear before the committee before March 4.
In 2023, Nigeria’s Securities and Exchange Commission stated that Binance Nigeria wasn’t registered or regulated by it, making its operations in Nigeria illegal. In December 2023, the Central Bank of Nigeria reversed its stance on crypto assets, advising banks to ignore the previous ban on crypto transactions.
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