The first predictions that bitcoin would break the $500,000 mark appeared in 2014. At that moment it seemed unrealistic. However, things have changed. Analysts are now interested in the time it would take the world's first cryptocurrency to reach this mark.
Ark Invest CEO Cathie Wood has predicted that Bitcoin prices would rise tenfold to reach $500,000 in 5 years. During the international SALT Conference, she said that many companies continued to diversify their cash into something like crypto, and institutional investors started allocating 5% of their funds toward cryptocurrencies. “We believe the price will be tenfold what it is today. Instead of $45,000, over $500,000,” Wood said on stage.
Discussing various cryptocurrencies, Cathie Wood admitted that she considered bitcoin to be the main digital asset because countries were deeming it legal tender. Notably, El Salvador has recently made bitcoin a legal currency, while Ukrainian Verkhovna Rada has legalized cryptocurrencies and virtual hryvnia. Wood also pointed out the potential in ether, which is up 350% so far this year, and laid out a preference for a 60-40 bitcoin-to-ether crypto portfolio.
