Cathie Wood of Ark Invest continues to ratchet up her price forecasts for Bitcoin (CRYPTO: BTC). At the recent Bitcoin Investor Day event in New York City, Wood boosted her 2030 Bitcoin price forecast to $3.8 million from an already lofty figure of $1.5 million. Given today's price in the neighborhood of $70,000, that would be an eye-popping gain of about 5,300% within just six years.

On the face of it, the prediction sounds outlandish. However, there are two key catalysts that could eventually make it a reality.

The primary factor pushing Bitcoin to previously unthinkable heights is stronger than expected institutional adoption. Quite simply, large institutional investors are waking up to the idea of Bitcoin as a stand-alone asset class worthy of inclusion in their portfolios. With the launch of the new spot Bitcoin exchange-traded funds (ETFs), they now have a regulated way to invest in Bitcoin without having to participate directly in the crypto market.

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Source Fool.com