Cathy Woods Just Changed Her Bitcoin Target...Its Now $500,000
Catherine thinks there will be millions and millions of electric cars on the road faster than people realize. “If you look at the investment itself, what’s going to make Tesla move is a three-year lead in chip technology, battery technology, and data collection,” Wood continues. “And there’s also the concept that is going to get it catapulted into the world: mobility as a service, which many companies are just starting to think about.”
In February of 2018 she went on CNBC and said she believes Tesla could hit $4000. People thought she was crazy, now she is looking like a genius because she knew Tesla wasn't a car company, but instead a technology company. Cathy stays to be successful, you need conviction in your ideas and must be proud of your work, even amid criticism.
Cathy also says people who want to succeed should think like a disrupter. It's the reason why her flagship fund, ARK Innovation ETF (ARKK), invest in cutting-edge tech areas like DNA sequencing, robotics, artificial intelligence, energy storage and blockchain technology.
Speaking of blockchain technology, a couple of months ago, Cathy said bitcoin could be a $5 trillion market cap valuation. That $5 trillion market cap valuation equated to a price target of about $250,000. She feels bitcoin is early on its path to monetization, with substantial appreciation potential due to its network value continuing to scale.
Cathy likes to spends her days thinking about events that haven't happened yet.
Institutional investors are now ramping up their purchase of Bitcoins. ARK Investment's Catherine Wood suggested that if all institutions would assign even a mid-single-digit allocation to Bitcoin on their portfolio, its value would increase tremendously. "The cryptocurrency could rise to somewhere in the $400,000 to $500,000 range," she told news outlet Barron's during an online event.
Woods said institutions have been increasing their allocation of Bitcoin, and their numbers are increasing significantly. The ARK Investment CEO compared this movement to the early days when institutions first moved to real estate and emerging markets. "They started out with a half a percent allocation, then 1%, then 5%," she said.
Cathy isn't the only one predicting a $500,000 Bitcoin price, the Winklevoss Twins, of Gemini think Bitcoin will hit $500,000 as well.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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