Yahoo! In a recent interview with Finance, Ark Invest co-founder Cathie Wood stated that Bitcoin is "a much bigger idea" than Apple and Amazon, the two most valuable companies in the United States.
"We believe Bitcoin is getting ready for corporate adoption. When we really think about it… Is Bitcoin ready for institutions? Bitcoin has a market cap of only $ 600 billion. Not even half of Apple or Amazon… And yet this is a huge idea. I think it's a much bigger idea than Apple or Amazon. "
Wood thinks Bitcoin is the first "truly global" digital currency that is completely decentralized, meaning it has no "throat to choke".
MassMutual's Bitcoin prediction is more important than you think
While Ark Invest expects institutions to switch to crypto assets, it has the lowest correlation unlike other asset classes.
Still, it was a surprising move for Wood to have MicroStrategy invest all its cash reserves in Bitcoin.
Wood said that Insurance firm MassMutual, which invested $ 100 million, is the most important seal of approval for cryptocurrency:
"MassMutual is very conservative and very tightly regulated and had to overcome more regulatory hurdles than I ever thought possible."
Ark Invest's eye-catching Bitcoin target
In its "Big Ideas" report, Ark Invest estimated that Bitcoin could potentially increase by $ 400,000 if cash changes 10 percent of the total corporate balance sheet of the S&P 500 companies.
Wood, who stood out by accurately predicting Tesla's bull run, claimed that Bitcoin could rise up to $ 500,000 last November.
