Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood
20 November 2021 - 12:00AM
NEWSBTC
Cathie Wood is no longer a hardly recognizable name in the bitcoin
space. The CEO of ARK Invest has become one of the most prominent
proponents of the digital asset. Wood had pitched her tent with
bitcoin a long time ago and has not looked back since then. In
fact, she has proven to be one of the most bullish in the space
with her predicted value of bitcoin at $500,000. Wood had
previously placed the asset at the exact value at different times
in the past and she seems unshaken in her resolve after reiterating
her stance on the matter. Once again, the CEO has come to defend
her belief in the exact. For the long-term, she sees the asset
rising above $500,000, putting the time frame at only five years.
Related Reading | Famed Psychologist Jordan Peterson Says
“Inflation Be Damned” As He Buys More Bitcoin What Will Drive
Bitcoin To $500,000? ARK Invest CEO Cathie Wood appeared on
Barron’s on Wednesday. In the interview, the CEO opened up about
her expectations for bitcoin and what she believed would drive the
digital asset there. The first thing was institutional buy-ins into
the asset. It is no secret that institutional investors have ramped
up their stakes in the digital asset market. Inflows for the year
broke the record set in 2020 with two months still left to go in
the year. Total asset under management for bitcoin quickly rose and
is now sitting at a record high of $56 billion, according to the
last CoinShares report. This increased momentum, says Wood, is what
would drive bitcoin towards $500,000. BTC price recovers from dip |
Source: BTCUSD on TradingView.com Despite the rapid rate of
investment among institutional investors, it is still estimated
that less than 5% are allocated to bitcoin. However, the trend is
growing among big money and Wood explained that if “institutional
investors move into bitcoin and allocate 5% of their portfolios,”
then bitcoin would hit $560,000. The CEO expects this to happen but
puts the timeline in five years. This means that Wood sees the
price of bitcoin touching above $500,000 by 2026 given current
investment trends. The Evidence Is In The Data One thing that also
backs up the CEO’s strong resolve in this prediction is the data
recorded on the bitcoin blockchain. Blockchain technology makes it
so that every transaction carried out is public information and she
explained that this data helps to see how money is changing hands
in the space. “We can tell it’s happening because of on-chain
analysis,” Wood said. Related Reading | Mt Gox Gets Approval
To Return 141,686 To Victims Affected In 2014 Hack Although bullish
on institutional money coming into the digital asset, Wood had
expressed surprise over the recent move by companies such as
Square, Tesla, and MicroStrategy diversifying their balance sheets
using bitcoin. However, the market expected this given that all of
these companies have Bitcoin Maximalists at the helm. Bitcoin’s low
correlation with other cryptos may also be a convincing factor for
institutional investors who are looking to invest in the space.
“The correlation is very low,” said Wood, and since the correlation
of returns by investing is low, then institutions may well be
raising their returns and risking less over time, she added.
Featured image from PageOne.ng, chart from TradingView.com
Secret (COIN:SCRTUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Secret (COIN:SCRTUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024
Echtzeit-Nachrichten über Secret (Cryptocurrency): 0 Nachrichtenartikel
Weitere Secret News-Artikel