Cathie Wood Told Us What Bitcoin May Do - And Set Off A Major Rally
Portfolio Pulse from Khyathi Dalal
Cathie Wood, in an interview with Benzinga, predicted a $25 trillion Bitcoin market by 2030. Since then, Bitcoin's price and market cap surged 70%, with a current market cap of $856.8 billion. Wood remains optimistic, suggesting Bitcoin could reach $650,000 in five to seven years and potentially $1 million to $1.5 million later. Despite public bullishness, Wood's Ark Invest has been reducing Bitcoin exposure, selling over 700,000 shares of Bitcoin Grayscale Trust. Ark Invest is also collaborating with 21Shares for a spot Bitcoin ETF.
December 05, 2023 | 10:31 pm
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NEGATIVE IMPACT
Ark Invest, led by Cathie Wood, has been reducing its Bitcoin exposure despite Wood's optimistic price target for Bitcoin. The firm is also involved in a spot Bitcoin ETF application with 21Shares.
The reduction in Bitcoin exposure by Ark Invest could indicate a lack of confidence in the short-term performance of Bitcoin, potentially affecting investor sentiment towards ARKK. The involvement in a Bitcoin ETF application, however, could mitigate some negative impact if investors see it as a positive long-term strategy.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest has been selling shares of Bitcoin Grayscale Trust, indicating a reduction in their Bitcoin exposure.
The sale of GBTC shares by Ark Invest could lead to negative sentiment among investors, potentially impacting GBTC's price in the short term as it reflects a decrease in institutional support from a prominent investment firm.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80