Cathie Wood, the chief executive of ARK Invest and manager of the popular ARK Innovation exchange-traded fund, said that a single bitcoin could be valued at $200,000 more than its current price if more corporations added the cryptocurrency to their balance sheets.
“If all corporations in the U.S. were to put 10% of their cash into bitcoin that alone would add $200,000 to the bitcoin price,” Wood told CNBC on Wednesday.
Wood said that she doubts that such balance-sheet moves by corporations will happen quickly and expects that bitcoin will need to further mature before there is broad-based inclusion. Wood said she was surprised, however, by the current pace of companies incorporating bitcoin in their books.
“We expected institutions to [buy bitcoin] but the way in which it has picked up has surprised us…the substitution of bitcoin for cash on corporate balance sheets,” Wood told CNBC.
“It has to mature a little bit before broad-based adoption can take place,” she said.