ARK Invest chief executive Cathie Wood says that an explosive Bitcoin (BTC) price surge to $1,500,000 is still in the cards.
In a new interview with science and tech entrepreneur Peter Diamandis, Wood says that ARK’s prediction for the flagship digital asset hitting a price tag of $1.5 million by 2027 still has time to play out.
According to Wood, institutional investors will increasingly turn their attention toward the crypto king as its path strays away from traditional assets, eventually causing it to skyrocket.
“The forecast was, our bull case was $1.5 million in five years, so that would have been 2027. We still have time, and we still think that’s going to be right. If you just look at the institutional push into Bitcoin, this new asset class, they have to consider it as fiduciaries.
When you use those code words – ‘new asset class’ – what it means the correlation of these returns are very low compared to those of other assets.”
Since Bitcoin’s supply is capped at 21 million and institutional investors are now taking it more seriously, Wood says BTC is now in a position to increase in price quicker than ever before.
“What are we saying? There are 19.6 million Bitcoin out there right now, and the highest it will ever go is 21 million. Well okay, there’s real scarcity value and what is going to happen? The price increase for every institutional dollar pushing in now is going to be much higher than it was last year, two years ago.”
Bitcoin is trading for $64,908 at time of writing, a 3.85% increase during the last 24 hours.
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