Cathie Woods Invested $100,000 Worth of BTC at $250; here’s The Value Now
In a recent interview, Ark Invest manager Cathie Wood said she bought $100,000 worth of Bitcoin (BTC) when the world’s most popular crypto was trading at just $250. She added that she’s still holding them until now while enjoying a massive $7.68 million profit.
When Cathie Wood’s invested in the digital asset, the crypto industry’s capitalization was around $6 billion. That amount seems insignificant because the crypto market cap reached $1 trillion many months ago and has remained so for the last few months. The primary reason Wood had to make a tough decision to buy crypto assets was mainly influenced by the rules-based monetary policy contained in Satoshi Nakamoto’s Bitcoin whitepaper.
The Ark Invest manager believed that Bitcoin (BTC) would reach the same level as US monetary policy, given that economies always demand an alternative monetary model. According to Cathie Wood, she holds her Bitcoin to this day even after losing more than 79% since the price of BTC reached an all-time high in November 2021.
Events in the broader macroeconomy space have made Wood’s Bitcoin analysis to become more relevant. Meanwhile, Bitcoin (BTC) ‘s price action means it has lost its independence following a series of Institutional adoption last year.
The debut crypto correlation with the stock market and risky assets spiked after financial institutions made intentional efforts to be a part of the Bitcoin Holders community. But the correlation was not a positive factor during the financial crisis.
Cathie Wood’s Earlier Predictions
Cathie Wood and her colleagues have some of the most accurate price predictions on Wall Street for Bitcoin (BTC). Last year, Cathie Wood revealed that her company Ark Invest is very optimistic about the price of Bitcoin hitting $400,000.
Her prediction was based on the fact that Bitcoin is getting more Institutional adoption. She added that companies like Block Inc, MicroStrategy Inc, and Tesla Inc had added Bitcoin to their balance sheets.
“If all firms invest 1% to 10% of their income balance into BTC, the coin’s valuation could increase massively and pump to the price target we predicated,” she said. Also, in 2021, Cathie Wood and her company began discussing a $500,000 price target for BTC within the next five years and a $1 million price target by 2030.
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