Cathie Wood, CEO of the world-famous investment company Ark Investment Management, is known for her support for Bitcoin. Speaking to Bloomberg at the Web Summit held in Lisbon, Portugal, Cathie Wood made statements about Bitcoin (BTC) and its price.
When Wood, who has a target of $1 million for BTC, was asked whether this target is still valid, he said he was behind his estimate. If Wood’s prediction that Bitcoin could reach $1 million from its current price by 2030 comes true, this would mean an increase of over 4,600% for BTC.
“Yes, I think Bitcoin will reach a price of more than $1 million by 2030.”
Evaluating the institutional investor interest in Bitcoin, the famous CEO said that even though the BTC price is well below the $69,000 ATH, the interest of institutional investors in BTC has increased.
Wood also said that institutional investors’ interest in BTC aroused four years ago by Boston-based financial consulting firm Cambridge Associates.
“Institutional investors seem to be taking action. They are taking this price drop of Bitcoin from around $70,000 to $20,000 as an opportunity to move into a new asset class.
Cambridge Associates, an institutional space consultant in 2018, basically told clients, ‘okay, you may not like this thing called Bitcoin, it may sound like a Ponzi scheme to you, but it’s acting like a new asset class.’
This statement made the interest of customers shift to BTC. Because what institutional investors can never miss is a new asset class that will diversify the portfolio, that is, lower the correlation of returns. And Bitcoin does that.”