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Bitcoin Could Reach $ 250,000 If US Companies Choose to Do It, Says Cathie Wood

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Cathie Wood, CEO of ARK Invest and manager of popular exchange-traded fund ARK Innovation, said a single bitcoin could be valued at $ 200,000 more than its current price if more companies add the cryptocurrency to their balance sheets.

If all US companies invested 10% of their money in bitcoin, that alone would add $ 200,000 to the price of bitcoin, Wood told CNBC Wednesday.

Wood said she doubts that such corporate balance sheet moves will happen quickly and expects bitcoin to mature further before there is large-scale inclusion. Wood said she was surprised, however, at the current pace of companies putting bitcoin into their books.

We expected that institutions [buy bitcoin] but the way it picked up came as a surprise to the substitution of bitcoin for cash on corporate balance sheets, Wood told CNBC.

She needs to mature a bit before full-scale adoption can take place, she said.

ARK ETF ARKK comments,
-2.06%
boss comes as Tesla Inc. TSLA,
+ 0.24%
Last week, he said he acquired $ 1.5 billion worth of bitcoin in January and may accept the world’s No.1 digital asset for payment in the future.

Read: Why did Tesla buy bitcoin?

For her part, Wood has been seen as a techie, with her investments ranging from companies focused on electric vehicles to artificial intelligence, and she has been particularly excited about cryptos, which ARK is gaining exposure through Grayscale Bitcoin Trust GBTC. ,
+ 7.48%.

Woods’ flagship fund has returned around 160% in the past 12 months and has increased its assets tenfold, to $ 22 billion, according to FactSet data. ARK Innovation is now the largest active ETF in the world.

Meanwhile, bitcoin prices have traded 80% year-to-date, around a high above $ 52,000, while the Dow Jones Industrial Average DJIA,
+ 0.29%
was up 3.3%, the S&P 500 SPX,
-0.03%
was up 4.6%. The Nasdaq Composite COMP,
-0.58%
the indices were so far up 8.2% in 2021.

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