According to new research from ARK Invest, the price of Bitcoin (BTC) may increase further as the number of companies allocating some of their reserves to digital assets increases.
In the annual Big Ideas report, ARK suggested that if all S&P 500 companies invest 1 percent of their cash in Bitcoin, the BTC price would increase by about $ 40,000. This scenario is not entirely impossible as support for the Bitcoin network continues to grow.
Also in the report, as Bitcoin gains more confidence, some companies may consider adding cryptocurrency to their balance sheets. "
If the bitcoin price rises by 40 thousand dollars in the current exchange rate, it can reach 73 thousand dollars. If S&P 500 companies allocate 10 percent of their cash reserves to Bitcoin, the BTC price could rise up to $ 400,000.
The influx of Institutional Investors reinforces the strong conditions in the Bitcoin market. According to the data, more than 60 percent of Bitcoin's circulating supply did not move at all last year.
MicroStrategy, not part of the S&P 500, has become the company in the US that leads institutional investors to Bitcoin. The business intelligence giant currently owns about 71,000 Bitcoins. The company's Bitcoin savings are worth $ 2.4 billion.
