Ark Invest CEO Cathie Wood stands behind her $500,000 price prediction for Bitcoin (BTC). Wood, one of the popular Bitcoin advocates, said that Bitcoin could reach $500,000 in five years.
Speaking at Wall Street’s SALT conference, Wood said he thinks Bitcoin will reach record levels in 5 years. The popular investor believes that if institutions continue to allocate 5% of their portfolio to BTC, the price of the largest cryptocurrency could rise tenfold. As we previously reported, Wood announced his price target of $500,000 in May after Bitcoin suffered a massive drop along with the rest of the market.
Wood is also now interested in NFTs. However, he has not yet made a statement that he has received an NFT.
Will There Be Collaboration?
At the conference where Wood attended, cryptocurrencies and compliance with regulators were one of the most frequently discussed topics. Circle CEO Jeremy Allaire said that working with regulators can drive wider adoption of cryptocurrencies. This idea was echoed by Canadian businessman Kevin O’Leary.
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