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Re: mick post# 117

Thursday, 02/18/2021 10:53:52 AM

Thursday, February 18, 2021 10:53:52 AM

Post# of 2117
$bitcoin $200,000 ????? Cathie Wood, the chief executive of ARK Invest and manager of the popular ARK Innovation exchange-traded fund, said that a single bitcoin could be valued at $200,000 more than its current price if more corporations added the cryptocurrency to their balance sheets.

“If all corporations in the U.S. were to put 10% of their cash into bitcoin that alone would add $200,000 to the bitcoin price,” Wood told CNBC on Wednesday.

Wood said that she doubts that such balance-sheet moves by corporations will happen quickly and expects that bitcoin will need to further mature before there is broad-based inclusion. Wood said she was surprised, however, by the current pace of companies incorporating bitcoin in their books.

“We expected institutions to [buy bitcoin] but the way in which it has picked up has surprised us…the substitution of bitcoin for cash on corporate balance sheets,” Wood told CNBC.

“It has to mature a little bit before broad-based adoption can take place,” she said.

Comments from the ARK ETF ARKK, -2.78% boss come as Tesla Inc. TSLA, -1.73% last week said it acquired $1.5 billion in bitcoin in January and that it could accept the world’s No. 1 digital asset for payment in the future.

Read: Why did Tesla buy bitcoin?

For her part, Wood has been viewed as a technophile, with her investments ranging from companies focused on electric vehicles to artificial intelligence, and she has been particularly enthusiastic about cryptos, which ARK gains exposure via Grayscale Bitcoin Trust GBTC, -3.90%.

Wood’s flagship fund has returned about 160% over the past 12 months and grown its assets by more than 10-fold, to $22 billion, FactSet data show. ARK Innovation is now the largest active ETF in the world.

Meanwhile, bitcoin prices were trading up 80% year to date, around a record above $52,000, while the Dow Jones Industrial Average DJIA, -0.70% was up 3.3%, the S&P 500 SPX, -0.84% was up 4.6%. The Nasdaq Composite COMP, -1.37% indexes was up 8.2% so far in 2021.

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