Bitcoin Will Explode Over 4,600% According to Ark Invest CEO Cathie Wood – Here’s Her Timeline
The founder and CEO of investment management company ARK Invest, Cathie Wood, is doubling down on her fiercely bullish forecast for Bitcoin (BTC).
When asked in a new Bloomberg interview whether ARK Invest is still “sticking to the forecast of $1 million”, Wood answers in the affirmative.
According to Wood, Bitcoin could surpass $1 million by 2030, an increase of over 4,600% from today’s price.
“Oh yes. More than $1 million… by 2030.”
Bitcoin is trading at $20,276 at the time of writing.
As for Bitcoin adoption by institutional investors, ARK Invest’s founder and CEO says the drop in the flagship cryptoasset’s price by around 70% from its all-time high is sparking increased interest from the hallowed class of investors.
“It looks like institutions are moving in. They’re taking this price drop from almost $70,000 to about $20,000 as an opportunity to move into a new asset class.”
According to Wood, institutional investors’ interest in Bitcoin was piqued by Boston, Massachusetts-based investment advisory firm Cambridge Associates four years ago.
“In 2018, Cambridge Associates, which is a consultant to the institutional space, basically said to their clients, ‘okay you might not like this thing called Bitcoin, it might sound like a Ponzi scheme to you, but it works like a new asset class .’
And it got the antenna up because what institutional investment managers can’t miss is a new asset class that will diversify the portfolio, which means lower correlation of returns. And Bitcoin does.”
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Dalle-2
