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Cathie Wood of ARK Invest says that driven by legit FOMO (fear of missing out), large institutions with strong hands are moving into Bitcoin. And they seem to be in a hurry.
Speaking with Barron’s last week, the ARK Invest CEO believes corporations are fleeing to Bitcoins because they increasingly see less risk associated with the crypto asset due to the fact that Bitcoin lacks correlation with other assets. She said:
“We can see who’s moving in and it looks like strong, institutional holders are moving in to Bitcoin. Why are they moving in? Because the correlation of returns among crypto, especially Bitcoin, and other assets, stocks, bonds, currencies, commodities, are very low.
Studies tell us that if there’s a low correlation of returns among assets, buying that asset with the low correlation, you will be raising returns and lowering risk over time.”
Wood also said that earlier in the year she was very surprised to see companies such as Elon Musk‘s Tesla adding Bitcoin to the company balance sheet.
“What we didn’t expect when we did our own study on Bitcoin, we didn’t expect institutions, mainly corporations, to begin diversifying their cash on the balance sheet into Bitcoin.”
She then explained what is needed for her previous price prediction of $500,000 for the top cryptocurrency to become a reality, stating it would be driven by institutions participating.
“The reason we’ve used the $500,000 mark for a Bitcoin price target is that if institutional investors move into Bitcoin and allocate 5% of their portfolios to it, by our estimates Bitcoin will go up by $500,000. We can tell this is happening by looking at on-chain analytics.”
The post Large Institutions Rushing Into Bitcoin Amidst FOMO appeared first on iGaming.org.
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Author: Peter Siu