- Cathie Wood said Friday that Bitcoin could add another $2.3 million to her existing goal.
- Her company set a goal of $1.5 million in January. Bitcoin on Friday was trading at around $63,768.
- He said prices could rise due to a rush of demand from institutional investors and increased portfolio allocation.
Cathie Wood said the price of Bitcoin could reach $3.8 million considering the latest developments in the world's largest cryptocurrency.
Speaking at the Bitcoin Investor's Day conference in New York on Friday, she told moderator Anthony Pompliano that institutional adoption and a flood of new ETF products have led to her bullish case for the token. He said it could exceed the existing goal by more than $2 million.
Wood's Ark Invest shared its outlook for Bitcoin in January, estimating that the token could reach $1.5 million by 2030. Bitcoin has risen 44% since the beginning of the year. On Friday, it was hovering around $63,768.
“Last year, we made a bullish case for Bitcoin. It was $1.5 million. Kick-and-scream, we took the institutional green light that the SEC gave us. An analysis conducted by suggests that if an institutional investor allocated $1.5 million to Bitcoin, just over 5% of their portfolio would be converted to Bitcoin, which we believe would happen over time. , that alone would add $2.3 million to the projection I gave earlier.”
Ark was one of 11 companies, including BlackRock and Fidelity, to receive approval from the SEC for spot Bitcoin ETFs earlier this year. Since these products hit the market, demand has skyrocketed, setting new records for inflows into U.S. ETFs, while also stimulating demand for the cryptocurrencies themselves, which the funds directly invest in and hold.
Industry veterans also predict that the expected Bitcoin halving event in April could cause a supply shock, which would further fuel the current demand-driven rally. There is.
Wood said at a conference hosted by Reflexivity Research that he expects future halvings to have similar effects to previous events. In the 12 months following three halvings in 2012, 2016, and 2020, the price of Bitcoin increased by 8,069%, 284%, and 559%, respectively.
“We think [bitcoin] “We still have many miles to go,” Wood insisted, adding, “We are in the very early stages of really setting up an internet-specific financial ecosystem and disintermediating all toll collectors. ” he said.
