Cathie Wood has called a condition under which BTC could reach the $500 000 mark

The institutionalists should pay attention to new asset classes that are actively developing, she says

11.12.2021 - 07:05

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What’s new? The Ark Invest founder Cathie Wood does not rule out that the price of bitcoin may rise to $500 000. If institutions allocate around 5% of their portfolio to the first cryptocurrency, it will strengthen more than 10 times its current value. This is the position she expressed in an interview with CNBC.

Material on the CNBC website

Why does Wood think so? The investor explained that virtual currencies have a low correlation with other asset classes. This characteristic feature should attract large investors looking for ways to diversify portfolios.

“Institutional managers have to look at new asset classes that are evolving that have low correlations. BTC is the Holy Grail in terms of asset allocation,” noted Cathie Wood.

How does Wood feel about cryptocurrencies? The founder of Ark Invest also emphasized that if she had to choose any one virtual currency, she would prefer bitcoin.

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