Cathie Wood expects bitcoin to soar to $500,000 in 5 years

Ark Invest CEO Cathie Wood expects bitcoin to soar to $500,000 in five years, and her firm’s conviction in ether has strengthened tremendously, Report informs referring to Business Insider.

Her price prediction depends on whether companies continue to diversify their balance sheets into bitcoin, the biggest cryptocurrency by market value, and whether institutional investors begin to allocate 5 percent of their funds to it.

She said that if she could own just one cryptocurrency, she would default to bitcoin, ‘because countries are now deeming it legal tender.’

El Salvador recently made bitcoin legal currency, while Panama and Ukraine are said to be doing the same.

Wood also pointed out the potential in ether, which is up 350 percent so far this year, and laid out a preference for a 60-40 bitcoin-to-ether crypto portfolio.