May 31, 2024

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Bitcoin could explode 1,000% from here, says CEO of ARK Invest

Bitcoin could explode 1,000% from here, says CEO of ARK Invest

Cathy Wood, founder and CEO of ARK Invest, stated that the price of Bitcoin (BTC) is likely to rise to more than half a million US dollars. In an interview with CNBC, Woods stated that ARK Invest envisages a scenario in which institutional investors increase the current value of Bitcoin by $500,000.

Kathy Wood He said:

“We believe that if we pick Bitcoin, and this appears to be their first stop, the move from institutional to Bitcoin could add $500,000 to the Bitcoin price.”

At the time of writing, Bitcoin is trading at $48.502. If Bitcoin follows Wood’s script, the $548,502 price means BTC will rise about 1,000% from its current level. According to the CEO of ARK Invest, this could happen if institutional investors allocate about 5% of their capital to BTC over time.

Wood added that institutional money managers invested in cryptocurrencies and initially bought the two largest crypto assets by market capitalization.

“I think institutions are coming and they are starting right now with Bitcoin (BTC) en Ethereum (ETH).

Cryptography of any kind is a tiny (intangible) amount or percentage of institutional wallets.”

The founder and CEO of ARK Invest also mentioned that institutional investors are turning to cryptocurrencies for diversification.

“The rationale for creating institutions is somewhat because this is a new asset class and its significance is very different from other asset classes…

Real estate is most closely related to other assets. Therefore, enterprise money managers need to pay attention to new asset classes that are developing less significantly.

This is the key to diversification and the holy grail of asset allocation. “

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