Ark Invest CEO Cathie Wood has a strong Bitcoin (CCC:BTC-USD) price prediction that crypto traders are going to want to take note of.
According to Wood, BTC could soar as high as $500,000 per token in the next five years. Her price prediction for Bitcoin is based on if companies continue to expand out and adopt the cryptocurrency.
Of course, there’s another stipulation to Bitcoin hitting that $500,000 price prediction. Wood says that institutional investors would also need to start setting aside 5% of their funds to it. She also notes that Ethereum (CCC:ETH-USD) is also doing quite well lately thanks to the NFT boom.
So the real question is what crypto would Wood invest in? The Ark Invest CEO says that BTC is her first choice. She points to the fact that some countries have started adopting Bitcoin as legal tender as her reasoning for this.
Wood’s point about Bitcoin being adopted by countries as legal tender is worth looking further into. El Salvador took that step last week and other countries could follow suit. A few examples include Vietnam, Morocco, Nigeria, and others as possible countries that could start accepting BTC as legal tender.
However, that doesn’t mean she has no interest in ETH, either. She says that her company’s investments in crypto would still be split 60% Bitcoin and 40% Ethereum, reports Markets Insider.
BTC was up 5.2% and ETH was 3.6% over a 24-hour period as of Tuesday morning.
Investors that want to catch up on all the latest crypto news are in luck!
InvestorPlace is offering up the most recent crypto news that traders need to know about today. Among this news is a possible surge in crypto thanks to Gen-Z, a warning for XRP (CCC:XRP-USD) investors, as well as a merger update for Support.com (NASDAQ:SPRT). You can learn all about these matters by following the links below!
More Crypto News for Tuesday
- The Gen-Z Revolution Is a Catalyst for Significant Cryptocurrency Growth
- Tread Carefully With Ripple, Even as It Keeps Winning in Court
- Dear SPRT Stock Fans, Mark Your Calendars for a Final Catalyst on Sept. 14
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.