ARK Invest CEO iterates inevitability of a bullish scenario for BTC

by in Cryptocurrency News

Cathie Wood

Over the next five years, we will see the price of bitcoin (BTC) jump above $ 500,000. This forecast was announced by the CEO of ARK Invest fund Cathie Wood.

Moreover, it is not the first time that it has declared that the leading cryptocurrency is aimed at growth in the long term. Even in moments of turbulence in the crypto market and a large-scale rollback of bitcoin, the CEO of ARK Invest remains optimistic.

According to Cathie Wood, the explosive growth in the value of the cryptocurrency will be the result of its institutional adoption.

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As evidence, she cited data according to which the inflow of large capital into BTC sharply increased in 2020. According to a recent report from CoinShares, more than $ 56 billion worth of bitcoins, are now under the control of financial institutions. That is the trend that will lead cryptocurrency to record highs.

On the night of Tuesday, November 23, the bitcoin rate is holding at $ 56,882. BTC capitalization since the end of last week has decreased by more than 10% to $ 1.071 trillion.

Cathie Wood emphasized: "If institutional investors invest at least 5% of their portfolio in bitcoin, then its price will reach $ 560,000."