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This year has gotten off to a red-hot start in the markets. What investors may have missed, however, is that Bitcoin is no longer correlated to stocks. At least that's what Ark Invest Chief Executive Officer Cathie Wood thinks. Recently, she set a price target of $2.3 million for Bitcoin, implying more than 3,600% upside from current trading levels.
Wood argues that the optimal portfolio allocation for Bitcoin should be about 19%. If the $250 trillion of investable capital worldwide was allotted to Wood's proposed Bitcoin exposure, the price would rise significantly.
Recently, she spoke about Bitcoin’s price surge following the approval of 11 spot Bitcoin ETFs. Although there was a bit of a sell-off after the news, more investors and asset allocators are recognizing Bitcoin as a new asset class with inherent scarcity value. Interestingly, major platforms like Morgan Stanley and UBS have yet to jump on the bandwagon, leaving the current surge driven mainly by independent advisors and retail investors.
While Wood remains optimistic, she suggests that a period of consolidation may be on the horizon, especially as platforms evaluate various ETFs. However, the increasing chances of a regional bank crisis could continue to fuel Bitcoin's upsurge.
However, make sure to stay until the end of the video where Cathie Wood reveals how Bitcoin halving will change the price dynamics in the market.
About Cathie Wood:
Catherine Duddy Wood is an American investor and the founder, CEO and CIO of Ark Invest, an investment management firm.
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"Ethereum To $166,000, Bitcoin To $1.5 Million - Here's WHY" Cathie Wood Crypto Prediction
"Everyone Is SO WRONG About The Bitcoin Halving..." Cathie Wood 2024 Crypto Prediction
