Alex Dovbnya
Cathie Wood thinks Bitcoin price may exceed $3 million
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Cathie Wood, CEO and CIO of ARK Invest, has predicted that the price of Bitcoin, the largest cryptocurrency, could rise to $3.8 million.
As U.Today reports, Wood has repeatedly stated that the price of Bitcoin could rise to $1.5 million. Last July, she said her confidence had actually increased amid a regional banking crisis in the US
Commenting on her latest prediction, Wood said that such an astronomically high price would be achievable if institutional participants allocated at least 5% of their portfolio to the largest cryptocurrency. Without giving a specific timeline, Wood believes it will happen at some point.
Last November, the famous stock picker predicted that the entire cryptocurrency economy could reach a whopping $25 trillion in value by the end of this decade.
The upcoming Have event, which will take place in less than a month, is expected to be one of the key bullish catalysts this year. Wood doesn't expect this time to be any different, meaning Bitcoin is likely to continue rising after the event. She added that the cryptocurrency still has “miles” to go.
At press time, Bitcoin is changing hands at $63,639 after failing to break $67,000, according to data from CoinGecko. The cryptocurrency is struggling to regain bullish momentum due to declining ETF inflows.
Ark was one of the companies that managed to get approval from the US Securities and Exchange Commission to launch a spot Bitcoin ETF in January.
Following the launch of the product, Wood predicted that Bitcoin would further undermine the gold market as there is now a much easier way to participate in the flagship cryptocurrency.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].
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