Since the flash crash that sent Bitcoin to the $42k levels, Bitcoin has struggled to stay above $50,000. However, despite Bitcoin trading at 30% less of its all-time high, Cathie Wood, the founder, and CEO of Ark Invest, remains bullish about the future of the asset.
Bitcoin’s Journey to Gain Extra $500,000
Cathie Wood has doubled down on her September $500k prediction of Bitcoin, this time explaining how Bitcoin can gain an additional $500k, taking its price to $550k.
Given the current performance of Bitcoin, it may seem impractical for Bitcoin to hit $550k. However, Cathie Wood explains that if Bitcoin welcomes 5% of institutional money, then the asset can gain $500k – a potential gain of more than 1000%.
In 2021, we have seen great movement from institutional investors into cryptocurrencies. Wood adds that the two preferred cryptos for institutional investors are Bitcoin (BTC) and Ethereum (ETH). However, many institutional investors are yet to embrace cryptos.
Sharing the same bullish outlook as Cathie Wood, Michael Saylor, the CEO of MicroStrategy, has acquired an additional 1,434, taking its stash to 122,478 bitcoins. Announcing the purchase, Saylor advised that ”the best thing you could do is sell all $10 trillion of gold and buy bitcoin.”
On The Flipside
- While investors remain hopeful about Bitcoins future, the world’s largest crypto could be forming an extremely bearish double bottom pattern at the moment
Why You Should Care
Given the impact institutional investors have had on the price of Bitcoin in 2021, gaining 5% of all institutional money could spark a major price rally
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