Cathie Wood, CEO and CIO of ARK Invest, has predicted that the price of Bitcoin, the largest cryptocurrency, could rise to $3.8 million.
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 Guru-Investingreported, Wood has repeatedly stated that the price of Bitcoin could rise to $1.5 million. Last July, he said his confidence had increased amid a regional banking crisis in the US.
Speaking about his latest prediction, Wood said that such an astronomically high price could be achieved if institutional participants allocated at least 5% of their portfolios to the largest cryptocurrency. Without giving a specific timeline, Wood believes it will eventually happen.
Last November, the famous stock picker predicted that the entire cryptocurrency economy could reach a whopping $25 trillion by the end of this decade.
The upcoming 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 rise further after the event. He added that the cryptocurrency has “miles” left to go.
At press time, Bitcoin is changing hands at $63,639, according to CoinGecko data, after failing to break through the $67,000 level. The cryptocurrency is struggling to regain bullish momentum due to declining ETF flows.
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 product launch, Wood predicted that Bitcoin would continue to erode the gold market as there is now a much easier way to gain exposure to the flagship cryptocurrency.
