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Cathie Wood, founder and CEO/CIO of ARK Invest believes that BlackRock’s new partnership with crypto giant Coinbase could shake up crypto prices especially Bitcoin.
In a new YouTube video speaking to her 542,000 audience, Wood discussed a study her company did on big corporations entering the crypto space. While institutions are eager to get in and get increased exposure to digital assets, the ARK Invest CEO said for volatility concerns, a 2.5% allocation is a safe entry.
When applying the 2.5% portfolio guideline to BlackRock’s $40 trillion platform, “that would more than double Bitcoin’s price, assuming it was all done in Bitcoin”, Wood continued
Furthermore, the ARK executive also discussed another metric which could significantly boost Bitcoin:
“There are hodlers out there, holders for dear life”
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“The illiquid supply according to our estimates, is about 14 million out of the roughly I think we are near 18-19 million Bitcoin outstanding. And by our calculations, only three million units are truly liquid. So the demand, if we were to see a $1 trillion increase in demand, then it would probably drive the price up much higher than the doubling that I just mentioned.”
At time of writing, Bitcoin is moving hands at $22,796 at a total market cap of $435 billion, according to CoinMarketCap data.