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Cathie Wood: “This Will More Than Double The Bitcoin Price”
In her “In The Know” monthly update, CEO and CIO of Ark Invest, Cathie Wood, gave her prediction of what she sees coming with cryptocurrency, specifically Bitcoin. Big news occurred this past week when juggernaut investment firm, Blackrock, partnered with Coinbase to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market. Cathie believes that once the onboarding process gets underway for institutions, this will at least double the price of Bitcoin but the price can run up much much further. Cathie suggests that a lot of Bitcoin is out of circulation because of the HODLERs…and once the institutions get involved, this scarcity factor will create a huge run-up in price. Bitcoin currently is trading for $22,938.29, which is down 1.2% in the past 24 hours. Clearly, the impact of Blackrock on Bitcoin’s price is not immediate, but if there is any foreshadowing as to what’s to come from Blackrock’s immense power over markets, we can look at Coinbase’s stock. For the better part of 2022, it seemed like Coinbase was falling under Murphy’s law which states ‘If anything can go wrong, it will.’ Add on a pending SEC case and Coinbase stock plummeted, falling 80% from its all-time high, reaching a low of $49 just a month ago. But since announcing the partnership with Blackrock, Coinbase’s stock skyrocketed immediately as it rose 52.3% in the past 5 days, currently trading at $93.05. If this stock increase is any indication of what’s to come for Bitcoin, as Cathie suggests, HODLERs be ready.
THIS INTERVIEW WAS POSTED ON AUGUST 5, 2022
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