Cathie Wood Predicts Bitcoin to Reach $1 Million
According to Cathie Wood, the CEO of ARK Invest, Bitcoin is on track to reach $1 million. Wood, who has previously made bold predictions about the cryptocurrency, spoke about her new price expectation in an interview with Natalie Brunell on the “Coin Stories” podcast.
Institutional Adoption to Drive Bitcoin’s Growth
Wood explains that ARK Invest’s research team believes institutional adoption will be a major driver of Bitcoin’s growth. They anticipate a significant rally for the digital asset in the next decade. Wood points out that institutional investors typically allocate around 5% to 6% of their portfolios to new assets after initially testing the waters with a smaller allocation.
Bitcoin Still in Testing Phase for Institutions
Currently, institutional investors are only allocating about 1% of their portfolios to Bitcoin as they cautiously observe its performance. However, Wood suggests that as more institutions gradually increase their allocation, Bitcoin will surpass $1 million. She even predicts it could reach as high as $1.48 million by 2030.
Companies Increasingly Adding Bitcoin to Balance Sheets
Wood highlights that some companies like Tesla and Square already hold Bitcoin on their balance sheets, exceeding the conservative 1% allocation. She believes that if the purchasing power of Bitcoin becomes evident in the coming years, more corporate treasuries will choose to invest in Bitcoin rather than hold cash that continues to lose value.
Hot Take: Cathie Wood Continues Her Bullish Stance on Bitcoin
Cathie Wood, CEO of ARK Invest, predicts that Bitcoin will reach $1 million and potentially even higher in the next decade. She attributes this growth to institutional adoption and the gradual increase in allocation by institutional investors. Wood believes that as more companies witness the purchasing power of Bitcoin, they will choose to hold it on their balance sheets rather than cash. With companies like Tesla and Square already investing in Bitcoin, Wood’s prediction seems plausible. If her forecast holds true, Bitcoin could see a significant surge in value and establish itself as a mainstream asset.
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