By Shelly Melancon (Switzerland)
In a recent interview with Barron’s, ARK CEO Cathie Wood revealed that many traditional investors are making massive investments in BTC. Wood opined that most of these investors are moving into BTC because it provides better returns than any other asset right now.
Wood further revealed that she remains bullish about BTC but was surprised that top firms are catching the drift of including BTC in their investment portfolio. “Despite our extensive research on BTC, we never expected that corporations would start divesting their balance sheet cash on BTC.”
Wood Forecasts That BTC Would Still Trade For $500K
When asked to expound on how bullish she was about BTC, Wood stated that she remains convinced that the leading cryptocurrency would still change for $500k and above. She even predicted that the rising institutional investment could make this come to pass sooner than anticipated.
“We use $500K as our benchmark for BTC price because we are sure that BTC can trade for $500K if multinational investors choose to move just 5% of their investment into bitcoin. The on-chain analysis gives proof that this is possible.”
BTC Whale Wallet Reactivates After Almost Ten Years Of Dormancy
Even though it is no longer surprising when dormant crypto wallets get reactivated, what’s surprising is that the wallets usually contain a million dollars’ worth of cryptocurrency. A whale alert tweet recently revealed that another whale BTC wallet is active after more than eight years of being dormant.
Also read:Since 2013, there has been no transaction on the said wallet. But two days ago, the wallet was reactivated, and the almost 1,300 BTC (about $78m worth of BTC) in it was moved to another wallet. Transferring the coins to another wallet and not to an exchange proves that the holder isn’t willing to sell the coins.
But the question is, would the market have felt an impact of such a sale? The answer is a resounding yes. Selling such a BTC amount could cause a decline in BTC price. The holder wouldn’t have been blamed for trying to cash out on his BTC gains since he bought with less than $200k eight years ago.
One might liken this occurrence to winning the lottery. It would almost seem illogical not to cash out on a jackpot that gave $77m after investing $200K; However, the holder isn’t selling his BTC, as evidenced by his moving it to another wallet. As of this writing, the BTC price is about $56.4K.
El Salvador Is Planning To Build A BTC City
The Bukele administration in El Salvador continues to take steps in making his BTC legalization a success. Speaking at the recently concluded BTC conference, the El Salvador president revealed that the next step is to have a BTC city. Already, some blockchain firms have expressed interest in partnering with the Latin American country.
Over the weekend, the leading cryptocurrency failed to flip the $60K price range as support. Even though it surged past slightly on Saturday, a price correction 24 hours later pushed it back to sub-$60K levels.
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