Cathie Wood, the chief executive of investment management firm Ark Invest, said that Bitcoin could hit $500,000 in five years at Wall Street's SALT conference.
The superstar investor believes the price of the largest cryptocurrency could increase ten-fold if institutions keep allocating 5% of their portfolios toward it.
As reported by U.Today, Wood initially revealed her $500,000 target back in May after the chief coin endured a major sell-off together with the rest of the market.
ARK Next Generation Internet ETF, which currently holds $301 million worth of shares of Grayscale’s Bitcoin trust, recently amended its prospectus to make it possible to invest in Canadian Bitcoin-tied exchange-traded funds.
In late June, 21Shares AG and Wood’s Ark jointly filed to launch a Bitcoin ETF in the U.S. Such a product is yet to be approved in the States.
Wood also has non-fungible tokens on her radar, but she is yet to buy any.
Cooperating with regulators
Regulatory compliance was one of the dominant cryptocurrency-related topics at the conference.
Circle CEO Jeremy Allaire claimed that working with regulators would help to ensure broader cryptocurrency adoption.
This idea was also echoed by Canadian business mogul Kevin O'Leary, who said that investors were hesitant to dive into crypto due to the lack of compliance.
Denys Serhiichuk
Tomiwabold Olajide
Vladislav Sopov