"We have been anticipating that institutions should begin moving into Bitcoin and other crypto resources, however fundamentally bitcoin," Wood disclosed to Yahoo Finance Presents a week ago.
As indicated by Ark's Big Ideas for 2021, if all S&P 500 organizations were to assign 1% of their money to bitcoin, its cost could increment by around $40,000. On the off chance that those organizations moved 10% of their money to bitcoin, Ark sees the digital currency moving by $400,000.
Addressing Yahoo Finance Presents, Wood called Square (SQ) and MicroStrategy's (MSTR) prior bitcoin moves bullish for crypto and a guide for public organizations to convey bitcoin as a real choice to money.
"What astounded me and us by and large was to watch MicroStrategy — which has put... all the money on its monetary record into bitcoin — even did another value offering so it could put more money on its asset report. Furthermore, I believe that is somewhat insane, on the grounds that I figure the controllers will have a remark about this," Wood said. "However, at that point you saw Square put 1% of the entirety of its resources in Bitcoin and I believe you will see a greater amount of that."
Tesla's new bitcoin speculation adds up to about 8% of the organization's money holds.
See Also: Reddit merchants are assisting with expanding a bond bubble: Ark's Cathie Wood
Wood's call for bitcoin to go higher this year has just been legitimized. BTC hit a record-breaking high of almost $48,000 on Tuesday.
"Bitcoin is just [at] around a $600 billion market cap," Wood says. "So even a large portion of the size of Apple or Amazon, at the present time. Doesn't that put it into viewpoint? But, it is an exceptionally huge thought, I think. A lot greater thought than Apple or Amazon."
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