Ark Invest's Cathie Wood doubled down on her uber-bullish $500,000 price prediction at the CFA Societies Australian Investment Conference.
Wood, who has turned into a superstar investor because of her audacious bets on Tesla, has reiterated that the forecast will come to fruition if institutional investors around the globe invest 5% of their funds into the largest cryptocurrency.
This is only one of the use cases outlined by Wood. She compared the institutional adoption of Bitcoin to real estate and emerging markets:
I have seen two periods in my investment life where what seemed like new asset classes were moving into institutional portfolios. Real estate in the 70s and 80s and emerging markets.
As reported by U.Today, Fidelity's digital currency arm released a report last October that stated that trillions of dollars could flow into Bitcoin if it were to follow the path of institutional portfolios in emerging markets.Wood, one of Wall Street's most successful stock pickers, also noted that her firm did not factor in future corporate adoption. Corporations of the likes of Tesla and Square adding more Bitcoin to their balance sheets would be yet another bullish impetus for the top coin.
Earlier today, Bitcoin hit a multi-month high of $58,550 before paring some of its gains.
On Oct. 13, Ark Invest filed to launch a futures-based Bitcoin exchange-traded fund (ETF), with 21Shares being listed as its sub-advisor.
This comes after the firm applied for a physically backed Bitcoin ETF in June.