Catherine Wood, CEO of ARK Investments, believes Bitcoin could grow as much as $500,000. She also said if all institutions could allocate mid-single-digit allocation to the cryptocurrency, their portfolios will shoot up tremendously. Woods made the remark to media outlet Barron during an online event saying “The cryptocurrency could rise to somewhere in the $400,000 to $500,000 range.”
Bitcoin Could Hit $500,000, Says Catherine Wood
Over the past few days, the largest cryptocurrency by market capitalization has seen a positive performance in the crypto market, touching nearly the $19,000 mark. Now even crypto analysts are saying that cryptocurrency can go higher or even up to $500,000.
Recently, there has been an increased interest of institutional investors to stake Bitcoin as its reserve asset. The ARK investment CEO also added that the number of institutional investors in increasing their Bitcoin investments has increased tremendously.
Woods compares this by citing how during the early years institutions had to move to real estate and emerging markets saying “They started out with a half a percent allocation, then 1%, then 5%,” she said.
She tries to mean that this is the same pattern that is likely to be seen on the booming crypto market too and the gradual rise of institutional investments in cryptocurrencies.
Bitcoin Up By 158% Since Year Beginning
Woods further emphasizes that Bitcoin’s limited supply stands at 21 million BTC. As of yet, 18.5 million BTC has been mined. She wants to highlight that with such a limited supply, Bitcoin’s price could even go more upwards if institutional investors take interest in investing in the cryptocurrency.
Bitcoin is seen as an equivalent to digital gold also as a hedge against protection to inflation. The world’s largest cryptocurrency by market capitalization has been performing remarkably well over the past month, increasing by 36% in the last 30 days. The cryptocurrency has been up by 158% since the beginning of 2020 and 380% up since the beginning of March 2020.