Cathie Wood says BTC could hit $500,000 if the institutions increase their allocations by 5% as we are reading further in today’s Bitcoin latest news.
The Ark Invest founder believes that the Bitcoin price could skyrocket another $500,000 if only the institutions increase their allocations. Cathie Wood says BTC and crypto is a diminutive amount of institutional portfolio and that institutions are moving in on bitcoin as well. She asserted that cryptocurrencies are a new asset class that has a very different correlation compared to other assets while only real estate comes close to it:
“Institutional managers have to look at new asset classes that are evolving that have low correlations. That’s key to diversification and the Holy Grail in terms of asset allocation.
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She said that if institutions made the move into BTC by allocating 5% to their portfolios, it could add another $500,000 to the price of the asset. Some bigger investors like business intelligence, mobile software, cloud services companies, are already increasing their allocations. The company headed by Michael Saylor, Microstrategy, bought 1434 BTC for around $82.4 million in cash. Microstrategy is on top of the leaderboard for corporations that invested in BTC and now owns 122,477 worth of $5.9 billion at current prices. Tesla comes in second with a BTC stash of 43,000 coins worth around $2 billion. Square by Jack Dorsey which changed its name to block now is the third biggest corporate holder of the asset with 8027 coins.
Grayscale now has $46,6 billion in assets under management and about 68% of the shares are in the BTC trust. El Salvador bought the dip as well with President Nayib Bukele adding another 150 BTC in its portfolio. Markets are correcting as of late but the sentiment is still bullish so Cathie Wood could be right about the institutional investors that want to hedge with crypto. Bitcoin prices retreated again and dropped a further 4% to $47,800 as per the data on Coingecko. The asset was set at $58,000 less than a week ago before it dropped by $16,000 in a few hours. After bouncing the two-month low of $42,000, BTC is still unable to recover the losses and remains stuck below $50,000.
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