Ark Invest founder and CEO Cathie Wood is calling Bitcoin the reserve currency of the crypto asset ecosystem.
In a Bloomberg interview, the head of the global asset management firm explains why Ark Invest is extremely bullish on the leading cryptocurrency.
So it is the reserve cryptocurrency which is a very important role. It is the flight to safety currency. It is Bitcoin’s technology or Bitcoin’s blockchain is the most secure of any other blockchain.”
Last month, Wood told Barron’s that continued interest in Bitcoin by institutional investors could push BTC’s price even higher.
The Ark Invest CEO revealed that in real estate and emerging markets, institutional investors started “with a half a percent allocation, then [1%], and then 5% or thereabout seemed to be the right number.”
According to Wood, Bitcoin could rise to as high as $500,000 if institutional investors made a similar mid-single-digit allocation to Bitcoin.