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The best manager of 2020 made an optimistic forecast for the cryptocurrency. And got rid of the shares of the cryptocurrency exchange.
Katie Wood, the head of the ARK Invest fund, is still confident that bitcoin can reach $500,000 and even higher values. The manager confirmed her forecast at the CFA Societies Australian Investment Conference.
To reach the mark, Wood believes, institutional investors only need to invest 5% of their savings in BTC. Katie compares the adoption of cryptocurrencies by major players with the boom of the real estate market in the 70s and 80s and injections into developing countries:
In my investment life, I have seen two periods when what appeared to be new asset classes moved into institutional portfolios. These are real estate in the 70s-80s and emerging markets.
Wood also believes that Square, Tesla and other corporations that add more coins to their accounts will play an important role in the adoption of the technology.
Despite the external optimism, Katie’s funds got rid of part of the shares of Tesla – one of the largest holders of bitcoin – and the cryptocurrency exchange Coinbase. The ARK Innovation Fund from the ARK family has sold more than 98,000 COINS at a price of $25,000,000. The recent increase in quotations did little to help the Brian Armstrong stock exchange – since its launch on the stock market, the shares have lost about 20%.
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