Despite Bitcoin’s recent bearish price action, the CEO of a major investment management firm maintains the Premier cryptocurrency will eventually hit $1 million.
In her interview with Bloomberg, founder and CEO of investment management firm;ARK Invest, Cathie Wood, maintained her previously made projection that the premier cryptocurrency Bitcoin will hit $1 million by the year 2030. In response to a question that even after Bitcoin’s recent performance, does the CEO still believe that Bitcoin could reach $1 million, Wood stated ‘Oh yes. More than $1 million… by 2030’.
From the current price level of $20.5k, Bitcoin would have to grow by a whopping 4,600% to hit $1 million by 2023. It is notable that the coin is at the moment down 70% from its all time high of nearly $70k.
For that Wood noted that Bitcoin’s to roughly $20k from the high of almost $70k, is being seen by the investors as an opportunity to enter a new asset class. Wood mentioned that the institutional investment that has been coming in Bitcoin over the past few years was actually stimulated, four years ago, by Massachusetts-based investment advisory firm, Cambridge Associates.
Back in 2017, Cambridge Associates, which is an advisor to many investment firms, had issued sort of an advisory that effectively meant that even if you (the subject company) does not believe Bitcoin to be a true idea, it is, nevertheless, behaving as a true asset class.
Wood stated that this is what no investor wants to miss; an opportunity to diversify their portfolio by entering a new asset class. A diverse portfolio is a one where assets are relatively less correlated to one another, which makes a firm significantly less prone to the risk.
Moreover, currently trading at $20.5k, Bitcoin is currently up by 2.8% over the week and 2.1% in the day.