Cathie Wood, CEO and Co-Founder of Ark Invest, is known for her assertive and important statements about the major cryptocurrency Bitcoin. Wood has consistently supported the leading cryptocurrency and, in his latest statement, said that he believes that it could fetch $ 500,000 soon.
Speaking at the Wall Street SALT conference, Wood emphasized that he expects BTC to fetch $ 500,000 in as little as 5 years. Wood, one of the veteran names in the investment world, underlined that BTC can only reach this level with the 5% portfolio allocation of the institutional investor.
5 years for $ 500,000
Wood originally voiced his $ 500,000 price prediction for BTC in May. The market, on the other hand, fell dramatically after this forecast and Wood’s forecast was not taken into account at the time. Despite this, Wood continued to buy BTC steadily, and Wood’s company, the Internet Ark NEXT Generation ETF, currently has a $ 301 million grayscale Bitcoin ETF. Wood also indirectly applied for a Bitcoin ETF, but approval from the US has yet to be received.
Wood, who is one of the most famous on Wall Street and established a billion dollar venture capital with his investments, definitely draws attention to his statements about Bitcoin. BTC, on the other hand, has lost a bit of its positive performance recently and is struggling to survive on the support of $ 46,000.