Ark Invest CEO Cathie Wood Predicts, BTC Will Explode Over 4,600%

Cathie Wood, founder and CEO of investment management company ARK Invest, is doubling down on her optimistic Bitcoin prognosis (BTC).

In a recent interview with Bloomberg, Wood affirms that ARK Invest is still “holding on to the $1 million forecast.”

According to Wood, Bitcoin’s price might surpass $1 million by 2030, representing a gain of more than 4,600% from its current level.

“Oh yes. More than $1 million… by 2030.”

Bitcoin is now trading at $20,276 at the time of this writing.

Concerning institutional investors’ acceptance of Bitcoin, the founder and CEO of ARK Invest asserts that the roughly 70% decline in the price of the crypto asset’s flagship asset since its all-time high is generating increasing interest from the revered class of investors.

“It does appear that institutions are moving in. They’re taking this price decline from nearly $70,000 to roughly $20,000 as an opportunity to move into a new asset class.”

According to Wood, the Boston, Massachusetts-based financial advising business Cambridge Associates aroused institutional investors’ interest in Bitcoin four years ago.

“In 2018 Cambridge Associates, which is a consultant for the institutional space, basically said to its 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.’

And that got their antenna up because what institutional investment managers cannot miss is a new asset class that will diversify the portfolio, meaning lower the correlation of the returns. And Bitcoin is doing that.”