Bitcoin Will Explode by Over 4,600%, According to Ark Invest CEO Cathie Wood – Here’s Her Timeline

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.”

I

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines
&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Dalle-2