Tag: Bitcoin

Cathie Wood On Bitcoin: ‘$1 Trillion Is Nothing Compared To Where This Will Ultimately Be’

ARK Invest CEO Cathie Wood’s most recent statements about Bitcoin suggest that the digital asset’s trillion-dollar valuation is nowhere close to where it might be in the near future. What Happened: Speaking at a CBOE panel, she said, “If we add all of the potential demand relative to the limited supply, we come up with incredible numbers over the long term. We have just begun. One trillion dollars is nothing compared to where this ultimately will be.” Wood also described the current market conditions as favorable for a Bitcoin ETF, with the right amount of liquidity and demand from institutional investors. “We are now moving into what I believe will be prime time,” she said. In fact, ARK CEO believes that the demand from institutions will be the driving force of Bitcoin’s rise in valuation. Why It Matters: According to research from ARK based on “a million Monte Carlo simulations,” if institutions want to minimize volatility and maximize their Sharpe ratio, they should put something between two and a half and six and a half percent of Bitcoin in their portfolios, because of its low correlation to any other asset class. As large institutions like Tesla Inc (NASDAQ: TSLA) and Square Inc (NYSE: SQ) have already allocated a portion of their cash reserves to Bitcoin, ARK’s prediction of institutional adoption has already begun taking shape. #Crypto Demand. What Really Matters for #Bitcoin: Increasing Demand and Adoption – The potential launch of Bitcoin ETPs in the U.S. should keep the price buoyed. Increasing institutional demand, notably into corporate treasuries and accolades from a few billionaires, are part pic.twitter.com/N8ktr4GICo — Mike McGlone (@mikemcglone11) March 26, 2021 Wood’s fellow CBOE panel member Kevin O’Leary too had some thoughts on Bitcoin’s present and future valuation. “Even at a trillion dollars, it’s tiny,” said O’Leary, commenting that if Bitcoin is going to grow, it’s going to be because it becomes compliant to ethics committees around the world. Price Action: Bitcoin was up by 4.05% in the past 24-hours, trading at $58,148 at the time of writing. The market-leading cryptocurrency resumed its upward rally, with some increased volatility after the $6 billion options expiry last Friday. Benzinga’s recent interview with Cathie Wood See more from BenzingaClick here for options trades from BenzingaVisa Allows Payments To Be Settled With Crypto Using Ethereum NetworkControversial Crypto Project BitClout Faces Legal Charges Over Selling Social Tokens Without Users Consent© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
— Read on finance.yahoo.com/news/cathie-wood-bitcoin-1-trillion-152127720.html

Bitcoin Breaks Through $55,000 as Risk Appetite Revives

(Bloomberg) — Bitcoin pared its rally this week after briefly climbing past $55,000 amid ongoing speculation about whether the largest cryptocurrency can test the record it set last month.The token fell as much as 2.1% and was trading at about $53,500 as of 12:01 p.m. in Hong Kong. It remains on track for a second straight weekly advance, bouncing back from a rout at the end of February.“It wouldn’t shock to see the price make an assault on the February high of $58,350,” Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note.Growing talk of institutional interest in Bitcoin and the possibility that U.S. stimulus checks will bolster flows into financial markets are combining to lift cryptocurrencies. The digital token has risen about 600% in the past year, splitting opinion on whether a precarious bubble or bigger bull run lies ahead.Bitcoin’s move higher this week has come as “the U.S. passed the stimulus bill, and on the back of MicroStrategy and Meitu purchasing Bitcoin,” said Annabelle Huang of crypto financial-services firm Amber Group.“We have seen an increase in interest levels from institutional players globally,” she added. “In China, a lot of high net worth individuals have been inquiring on how to add Bitcoin to their portfolio.”Recent trends signal digital tokens are stepping closer to mainstream finance.For instance, JPMorgan Chase & Co. has filed to issue notes linked to a basket of crypto stocks like MicroStrategy Inc. and Nvidia Corp. Goldman Sachs Group Inc. has said it’s seeing substantial demand from institutions as it works to restart its cryptocurrency trading desk.(Updates Bitcoin prices in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
— Read on ca.finance.yahoo.com/news/bitcoin-breaks-55-000-risk-040459014.html

North America’s first bitcoin ETF launches in Canada today

North America’s first exchange traded fund created to track the price of bitcoin, begins trading in Canada today after beating the U.S. to the punch with regulatory approval last week.
Investors buying the Purpose Bitcoin ETF will have two options.
— Read on ca.finance.yahoo.com/news/north-americas-first-bitcoin-etf-launches-in-canada-today-103030939.html