Ark Invest founder and CEO Cathie Wood is calling Bitcoin the reserve currency of the crypto asset ecosystem.
In a Bloomberg interview, the head of the global asset management firm explains why Ark Invest is extremely bullish on the leading cryptocurrency.
“Our confidence in it (Bitcoin) has gone up since 2017. Because what we saw as it dropped from $20,000 to below $4,000 – it actually got well into the 3s ($3,000 level), I think in 2019 – was that Bitcoin’s share of the crypto asset ecosystem moved from the low 30% range in terms of network values into the low 70% range. And what did that tell us? That confirmed in our mind that Bitcoin is the reserve currency of the crypto asset ecosystem.
So it is the reserve cryptocurrency which is a very important role. It is the flight to safety currency. It is Bitcoin’s technology or Bitcoin’s blockchain is the most secure of any other blockchain.”
Last month, Wood told Barron’s that continued interest in Bitcoin by institutional investors could push BTC’s price even higher.
The Ark Invest CEO revealed that in real estate and emerging markets, institutional investors started “with a half a percent allocation, then [1%], and then 5% or thereabout seemed to be the right number.”
According to Wood, Bitcoin could rise to as high as $500,000 if institutional investors made a similar mid-single-digit allocation to Bitcoin.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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