The founder and CEO of investment management firm ARK Invest, Cathie Wood, is doubling down on her fiercely bullish forecast for Bitcoin (BTC).
Asked in a new Bloomberg interview whether ARK Invest is still “holding on to the $1 million forecast,” Wood answers in the affirmative.
According to Wood, Bitcoin could go above $1 million by 2030, an increase of over 4,600% from the current price.
“Oh yes. More than $1 million… by 2030.”
Bitcoin is trading at $20,276 at time of writing.
On Bitcoin adoption by institutional investors, the ARK Invest founder and CEO says that the drop in the flagship crypto asset’s price by around 70% from its all-time high is triggering increased interest from the hallowed class of investors.
“It does appear that institutions are moving in. They’re taking this price decline from nearly $70,000 to roughly $20,000 as an opportunity to move into a new asset class.”
According to Wood, institutional investors’ interest in Bitcoin was piqued by the Boston, Massachusetts-based investment advisory firm Cambridge Associates four years ago.
“In 2018 Cambridge Associates, which is a consultant for the institutional space, basically said to its clients, ‘okay you may not like this thing called Bitcoin, it may sound like a Ponzi scheme to you, but it’s acting like a new asset class.’
And that got their antenna up because what institutional investment managers cannot miss is a new asset class that will diversify the portfolio, meaning lower the correlation of the returns. And Bitcoin is doing that.”
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