THELOGICALINDIAN - Back in 2024 Ark Invest CEO Cathie Wood infamously predicted that Tesla shares would ability 4000 in a amount of a few years Investors and critics abandoned her highconviction bet as at the time Tesla was adverse a above clamminess crisis and on the border of bankruptcy
It seemed like an absurd assignment for the automaker to acknowledge by 1,200% back it could almost break solvent. But as luck would accept it, Wood’s bet on Tesla came accurate beforehand this year, as Tesla shares rose to $800, or the predicted $4,000 pre-stock split.
Cathie Wood charcoal Ultra-Bullish on Bitcoin
Now, the star-studded asset administrator is action on Bitcoin to abide soaring. Cathie Wood has been a adept apostle for the agenda asset, with her ARKW armamentarium captivation about $370 actor in GrayScale Bitcoin Trust (GBTC).
As Bitcoin prices surged this year, its bazaar assets accomplished $1 abundance in value. While a awe-inspiring accomplishment for the world’s better cryptocurrency, abounding analysts and investors doubted the agenda currency’s approaching growth, citation bound abeyant upside. Wood, however, argued that Bitcoin’s bazaar assets of over $1 abundance was aloof the beginning. In a contempo CBOE panel, she said:
She declared that one of the best hasty developments for the cryptocurrency was the massive billow in institutional demand. As the United States abridgement faces inflationary pressures with abeyant absorption amount hikes by 2023, analysts accept predicted the dollar to depreciate.
As a result, above institutional companies and asset administration firms began accession Bitcoin and added cryptocurrencies, demography millions of bill out of circulation. According to abstracts from Glassnode, Bitcoin’s illiquid accumulation has connected to steadily acceleration throughout 2021.
Institutional Demand Far Exceeds Ark’s Expectations
Wood additionally commented on above tech companies abacus Bitcoin on its antithesis sheet, and Tesla’s contempo move to acquire Bitcoin payments:
Hailed as a “visionary” by some, Cathie Wood has generally been advanced of Wall Street in adapting to an more agenda world. Will she be appropriate on Bitcoin? That charcoal to be apparent — but her accomplished clue almanac speaks for itself.
