(Markets Insider) Ark Invest’s Cathie Wood sees Bitcoin surpassing $500,000 as institutional investors seeking to diversify from the traditional asset classes increase.
Wood says institutional investors are always exploring opportunities like crypto which are uncorrelated to conventional assets such as bonds and stocks.
The Ark Invest founder says institutions are now moving towards the crypto space, with more preference for Bitcoin and closest rival Ether. He says the new asset class with low correlations are the holy grail in asset allocation and key to diversification.
The comments by Wood come when her investment fund Ark found Bitcoin to be closer to real estate in terms of correlation. He says with 5% asset allocations by institutional investors over time, Bitcoin could surge 1,000% to up to $550,000.
BTCUSD is down -4.40%, ETHUSD is down -5.70%.
