ARK Invest CEO Cathie Wood is no stranger to bitcoin predictions, as the asset manager has previously said btc will reach $500,000 and even reach $1 million. As always, Wood stands by her bitcoin predictions, and once again comes up with an even bolder figure for the pioneering cryptocurrency.
Cathie Wood says bitcoin will reach $1 million
Cathie Wood, founder and CEO of ARK Invest, an investment firm with over $6 billion in assets under management (AUM), has laid out a new price expectation for bitcoin. The CEO bitcoin-etfs/id1569130932?i=1000631093790″ rel=”nofollow”>had a talk with Natalie Brunell, historian of the “Coin Stories” podcast, where she made this new prediction.
As Wood explains, the efforts of the ARK Invest research team have shown that bitcoin‘s growth will be largely driven by institutional adoption. They expect the digital asset to see a massive rally as the next decade begins.
Wood points out the trend of adoption of new assets by these large institutional investors and how they tend to distribute their portfolios. As the CEO points out, between 5% and 6% of institutional investors’ portfolios were allocated to assets such as real estate, after managers tested the waters.
bitcoin could be considered to be in the “testing the waters” phase, where institutional investors are still investing only around 1% in the digital asset to see how it turns out. Then they gradually expand their allocation until they reach that 5% to 6% range. Now, when this happens, as Wood pointed out before, btc will cross the 7-figure mark.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/ARK-Invests-Cathie-Wood-Reveals-Why-Bitcoin-Will-Hit-148" alt="Tradingview.com bitcoin Price Chart (ARK Invest Cathie Wood)” width=”2670″ height=”1746″ loading=”lazy”/>
btc price fails to reclaim $28,500 | Source: BTCUSD on Tradingview.com
Wood tells Brunell that he wants the price of bitcoin to surpass $1 million by 2030. But this doesn’t mean the CEO doesn’t expect the digital asset to grow further, as he puts it at $1.48 million in the next few years. seven years.
The ARK Invest founder further notes that some companies are already starting to exceed the conservative 1% allocation. “Tesla and Square have bitcoin on their balance sheets. But we make very cautious assumptions and I think the corporate treasury assumption is 2.5% of all cash and cash equivalents in bitcoin.”
Wood stated:
If we are right and the purchasing power of bitcoin becomes so obvious in the coming years, which means that the purchasing power increases, rather than cash (dollars) remaining quite stable, or else in real terms , deteriorates, then there will be more and more companies. Treasury bonds will put bitcoin on their balance sheets.
She believes that analysts at these companies will tell them to put money into btc instead of leaving it in cash, where the value continues to fall.
