“If institutional investors turn to bitcoin and sell 5% of their portfolios, the cryptocurrency price will rise to about $ 560,000 by 2026, based on current levels,” said Ark Investment Management CEO Cathie Wood.
Speaking Wednesday night at Barron’s, Wood said the bitcoin blockchain allows users to see that institutional purchases are taking place in almost real time.
“We can understand that this is due to blockchain analytics,” he said.
Wood pointed out that institutional investors may be persuaded to invest in bitcoin because of the low correlation between cryptocurrencies and other assets, such as stocks.
“The correlation is very low,” Wood said. bitcoin as an unrelated investment.
The fund manager said she was surprised, however, by the move by companies such as Tesla, Square, MicroStrategy and Coinbase to diversify their cash balances into bitcoin.
The price of bitcoin fell to about $ 60,000 on Wednesday, down 1% in 24 hours, according to CoinDesk.
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I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
