Ark Funds CEO Cathie Wood has been known to make some highly criticized forward-looking predictions. Wood and her colleagues have some of the higher price targets on Wall Street for Bitcoin (CRYPTO: BTC).
Here’s a look at how much an investment could be worth in the future if their price targets are hit.
What Happened: “We are very optimistic about Bitcoin in particular,” Wood said last year, giving the crypto a price target of $400,000.
The bull case comes from more institutional interest in buying Bitcoin. Wood highlighted companies like Tesla Inc (NASDAQ: TSLA), Block Inc (NYSE: SQ) and MicroStrategy Inc (NASDAQ: MSTR) that have added Bitcoin to their balance sheets.
“What’s the reason not to diversify?” Wood asked. If all corporations put 1% to 10% of their cash balance into Bitcoin, the valuation of the coin …
Full story available on Benzinga.com