Cathie Wood, CEO and CIO of ARK Invest, has predicted that the price of Bitcoin, the largest cryptocurrency, could surge to $3.8 million.
As reported by U.Today, Wood has repeatedly stated that the price of Bitcoin could surge to $1.5 million. Last July, she said that her confidence had actually increased amid a regional bank crisis in the U.S.
Speaking of her latest prediction, Wood said that such an astronomically high price would be achievable if institutional participants were to allocate at least 5% of their portfolios to the largest cryptocurrency. Without giving a specific timeline, Wood believes that it will happen eventually.
Last November, the famous stock picker predicted that the entire cryptocurrency economy would be able to reach a whopping $25 trillion by the end of this decade.
The upcoming having event, which is going to take place in less than a month, is expected to be one of the key bullish catalysts this year. Wood does not expect this time to be different, meaning that Bitcoin is likely to climb higher after the event. She added that the cryptocurrency has "miles" to go.
At press time, Bitcoin is changing hands at $63,639, according to CoinGecko data, after failing to break above the $67,000 level. The cryptocurrency is struggling to regain bullish momentum due to declining ETF flows.
Ark was one of the firms that managed to secure approval from the U.S. Securities and Exchange Commission to launch a spot Bitcoin ETF in January.
Following the launch of the product, Wood predicted that Bitcoin would continue chipping away at gold's market since there is now a much easier way to get exposure to the flagship cryptocurrency.