- ARK Invest CEO remains stubbornly bullish about her Bitcoin prediction and insists that BTC will trade at $1 million by 2030.
- Wood claims that institutional investors are still interested in the leading digital asset despite being 70 percent off its peak price.
The CEO and founder of ARK Invest, an investment management company, Cathie Wood, has maintained her prediction about the price of the foremost digital asset, BTC. In a recent Bloomberg interview, Wood confirmed that ARK Invest still holds on to the forecast that BTC would trade at $1 million.
Wood expects the BTC price to reach $1 million within the next decade. If that happens, BTC’s price would have soared by 4,300 percent from its current price. Current on-chain data shows that BTC is exchanging hands at $20,822.
Institutional investors’ Bitcoin adoption
The ARK Invest CEO also spoke about institutional investors’ adoption of Bitcoin. Wood claimed that this group of investors has become more interested in having BTC in their investment portfolio as its price is relatively low right now. BTC’s price is nearly 70 percent off its peak in November 2021.
It seems institutions are making their moves. They see the current $20,000 price level as an investment opportunity, having seen it trade at $70,000.
Wood further claimed institutions became more interested in Bitcoin following a 2018 report by Cambridge Associates.
Related: To the moon! Cathie Wood’s ARK Invest says Bitcoin will exceed $1M by 2030, as BTC approaches $38K
Cambridge Associates is an advisory firm for institutional investors based out of Boston, Massachusetts. Wood said Cambridge Associates told its clients four years ago to invest in Bitcoin as it is a new asset class. The consulting firm added that Bitcoin might seem like a Ponzi scheme, but it is not. That advice piqued the interest of the institutional investment managers in BTC.
Wood said institutional investors aren’t known for missing out on a new asset class. According to the ARK Invest CEO, “such assets help them to diversify their portfolio because there is almost no correlation of the returns, and Bitcoin is displaying these attributes.” At this time, BTC is up 2.26 percent and trades at $20,792.
Cathie Wood’s BTC investment history
The ARK Invest CEO said she bought $100,000 worth of BTC at $250 per BTC. She also said she has never sold her BTC holdings, whether in the bear or bull seasons. If the facts above are correct, Wood’s BTC purchase would be worth $8.2 million at the current BTC price.
Also, it means her BTC portfolio was worth $27.6 million when the leading digital asset traded at $69,044 last November. If BTC should trade at $100,000 within the next few years and Wood keeps holding, her BTC investment would be worth $400 million by then.
Wood’s bullish stance on BTC price is on the basis that at least 5 percent of institutional investors would invest in BTC by 2030. Wood claims that BTC’s price will reach the $500,000 mark if that happens.
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