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ARK Invest’s Cathie Wood Says BlackRock’s Entry into Crypto Could More Than Double Bitcoin Price

ARK Invest founder Cathie Wood believes that BlackRock’s entry into the crypto space will have a huge impact on the price of Bitcoin (BTC) could have.
Last week, US-based crypto giant Coinbase announced that it had partnered with BlackRock, the world’s largest wealth manager, to offer affluent clients trading in cryptocurrencies to allow.

Wood explains in a new YouTube video that her firm conducted a study on institutions getting into cryptocurrencies. The study states that institutions that want access to cryptocurrencies but also want to minimize volatility would invest 2.5% of their portfolios in cryptocurrencies.

Wood notes that applying this 2.5% rule to BlackRock’s $40 trillion platform translates to more than $1 trillion in demand. This level of demand would “more than double” the Bitcoin price, according to the CEO of ARK Invest.

Wood also points out that another bitcoin metric suggests BTC price could go even higher.

investment tip ARK Invest’s Cathie Wood Says BlackRock’s Entry into Crypto Could More Than Double Bitcoin Price, Crypto Trading News

“The illiquid supply, by our estimates, is about 14 million out of the roughly 18-19 million bitcoin outstanding… And by our calculations, only three million units are truly liquid. And so demand — if we saw a $1 trillion increase in demand — would probably push the price up a lot more than the doubling that I just mentioned.”

At the time of writing, BTC is trading at $23,797. The front runner among cryptocurrencies market capitalization is up almost 3% in the last 24 hours.


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Credit: Shutterstock/maddrest/Sol Invictus

Source: Crypto News Deutsch

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