ARK Invest CEO Cathie Wood said on Tuesday that she and her fund are now more confident in their “bull case” for Bitcoin (BTC): $1.5 million by 2030.

The investment manager’s boost of confidence stems from Bitcoin’s positive response to the United States regional banking crisis in March.

The Bear, Base, and Bull Case

Ark published a bear, base, and bull thesis for where Bitcoin would be in 2030 back in January. All price targets were many multiple higher than Bitcoin’s price today, sitting at $258,500, $682,800, and $1.48 million respectively.

Each case put forward different estimates for the total market share of various financial use cases that Bitcoin could gobble up. The bull case rested largely on Bitcoin absorbing $50% of gold’s market cap, while also claiming 6.5% of the institutional asset base and 10% of the M2 money supply in emerging markets.

In an interview with Bloomberg on Monday, Wood said that ARK’s confidence in the bull case had “increased” in March when regional banks including Silvergate Bank, Signature Bank, and Silicon Valley Bank (SVB) all collapsed after facing overwhelming withdrawal pressure.

ARKK’s Cathie Wood: on #bitcoin “is an insurance policy against two things: the confiscation of wealth, either directly or by inflation, or in the deflation world, what is it a hedge against? It’s a hedge against counterparty risk. We won’t have an ’08-’09 with bitcoin” pic.twitter.com/jk9hR0Lsid

— Pledditor (@Pledditor) July 17, 2023

“As regional banks are going bankrupt and the stocks are impl