1. Ark Invest CEO Cathie Wood has increased her bitcoin forecast to $1.5 million, attributing this to factors such as institutional adoption, potential regulatory relief, and BTC’s growing recognition as a unique asset class. 2. Wood’s new forecast is a significant jump from her previous estimate of $500,000.
3. Institutional adoption has been a key factor driving the price of bitcoin higher, with more companies adding the cryptocurrency to their balance sheets. 4. Potential regulatory relief in the US could also boost the price of bitcoin, as it would provide more certainty for investors and businesses.
5. The growing recognition of bitcoin as a unique asset class is also a key factor driving the price higher, as investors see it as a store of value and a hedge against inflation.