Cathie Wood says BTC could hit $ 500,000 if institutes increase the allotment
Katie Wooden says BTC could reach $ 500,000 if institutions increase their appropriations by 5%, as we read in today’s bitcoin news.
The founder of Ark Commit believes that the price of bitcoins could skyrocket by $ 500,000 if only institutions increase their distribution. Katie Wood said that BTC and cryptocurrency make up a small fraction of institutional portfolios and organizations are turning to bitcoin as well. She claims that cryptocurrency is a new asset class that has a completely different relationship to other assets, while only real estate is very similar to it:
“Institutional regulators need to focus on emerging new asset classes with low correlation. This is the key to diversification and the holy grail in terms of asset allocation. ”
She said that if institutions switch to BTC, assigning 5% of their portfolio, it could add another $ 500,000 to the asset’s price. Some large investors, such as business intelligence, mobile software and cloud services companies, are increasing their funding. Microstrategy, led by Michael Sailor, bought 1,434 BTC for approximately $ 82.4 million in cash. Microstrategy tops the list of companies that have invested in BTC and currently own 122,477, which is valued at $ 5.9 billion at current prices. Tesla is in second place with 43,000 BTC worth about $ 2 billion. Jack Dorsey Square changed its name to Block, which is now the third largest wealth holder with 8,027 coins.
Grayscale currently manages $ 46.6 billion in assets and approximately 68% of the shares are held in the BTC trust fund. El Salvador also fell in value when President Naib Bukele added another 150 BTC to his portfolio. The market is correcting towards the end of the year, but sentiment remains optimistic, so Katie Wooden may be right about institutional investors looking to hedge cryptocurrency. Bitcoin price dropped again, falling another 4% to $ 47,800, according to data from Coiningecko. The asset settled at $ 58,000 in less than a week and then dropped $ 16,000 in a matter of hours. After BTC hit a two-month low of $ 42,000, BTC is still struggling to recover from its losses and remains below $ 50,000.