Bitcoin's price could surge by another $500,000 as institutional investors search for uncorrelated assets, Cathie Wood says
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The price of bitcoin could surge to more than $500,000 as institutional investors begin to allocate to the relatively new cryptocurrency space, Ark Invest's Cathie Wood told CNBC in an interview on Thursday.
Wood explained that institutions are always in search of investments that are uncorrelated to traditional asset classes like stocks and bonds, and crypto fits that bill.
«I think institutions are moving in [to crypto] right now,» Wood said, adding that they currently prefer the two largest cryptocurrencies, bitcoin and ether. As a whole, according to Wood, institutions barely have any exposure to the space.
«The reason institutions are moving in is to some extent this is a new asset class with
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