Cathie Wood and her team at Ark Invest focus exclusively on disruptive technology. And one of the biggest disruptors of the past 15 years is Bitcoin (BTC 0.27%) and the idea of a blockchain.
Bitcoin opened the door for developers to create numerous cryptocurrencies with varying degrees of utility. However, Wood and her team believe there’s still a lot to like about the original cryptocurrency. They see several catalysts that could drive the price of Bitcoin higher.
The biggest factor that could push Bitcoin’s price higher in 2024 is adoption by institutional investors. Ark believes that if the $250 trillion in global investable assets allocated an optimal amount to Bitcoin, it would send the price of the cryptocurrency to $2.3 million. That’s a 4,500% increase from the price today, around $52,000.
Bitcoin belongs in every portfolio, says Cathie Wood
Bitcoin has proven to be a good diversifying asset for investors over the past few…
