In the wake of the landmark approval of 11 Bitcoin exchange-traded funds (ETFs), Cathie Wood, chief executive officer of Ark Invest, once again made headlines with her ambitious price target for Bitcoin (CRYPTO: BTC).

Doubling down on her claim that Bitcoin could soar to a price of $1.5 million by 2030, Wood emphasized in an interview with CNBC that the approval of the ETFs only increases the chances of the cryptocurrency reaching her lofty estimates.

Her remarks might seem overly optimistic, but they aren't baseless. Citing multiple factors from her firm's annual Big Ideas report, the case for a seven-figure Bitcoin isn't as crazy it seems. Here's why Wood and her team think its future is so bright.

Continue reading

Source Fool.com