The first Bitcoin (BTC) ATM has reportedly been installed in Uruguay’s Punta del Este, making…
Bitcoin to $700,000; Here is How According to Ark Invest’s Cathie Wood
ARK Invest Chief Executive Officer of ARK Invest, Cathie Wood predicts that institutional investors and emerging markets will send Bitcoin’s price surging by over $700,000.
Speaking with Saxo Bank Chief Investment Officer Steen Jakobsen and head of Equity Strategies Peter Garnry, Wood elaborates on Bitcoin as the new asset class that institutions are longing for:
“The correlation of returns here is very, very low relative to any other asset base. The highest correlation between Bitcoin and other assets is real estate, and that’s a 0.3. That’s the highest. If you look at most others, very low correlations. This is what institutional investors are seeking.”
She further says that growing markets are open to accepting Bitcoin into their economies, fuelled by El Salvador’s move to make the top cryptocurrency legal tender in the country alongside the US dollar this September:
“Bitcoin is the first private, global, rules-based monetary system that the world has ever known. We believe that what’s happening in El Salvador is unbelievable. We believe emerging markets are going to embrace Bitcoin. Many of them have corrupt regimes and they don’t trust their monetary authorities. They don’t trust their politicians generally, and so we think emerging markets are a huge use case here.”
Wood also expects the price of Bitcoin to go up significantly if the asset’s current adoption rate in emerging markets and institutions would continue:
“That use case alone will add, I believe, the number is $200,000, if it were adopted fully throughout the emerging markets [excluding] China. That would account for $100,000 to $200,000. If institutions were to allocate 5% of their portfolios globally [excluding] China, that use case alone would be $500,000 in addition to the $60,000 dollars in Bitcoin’s price.”
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Author: Peter Siu