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At a panel discussion hosted by the Chicago Board Options Exchange (CBOE) last week, CEO of investment management firm Ark Investment Management, Cathie Wood, shared decidedly optimistic feelings about the past and present of Bitcoin.
With BTC recently breaking through a total market cap of $ 1 trillion, Wood provided his outlook on the direction of demand for the asset.
“If we add up the potential demand versus the limited supply, we come up with incredible numbers in the long run,” she said. “We have just started. $ 1 trillion is nothing compared to what it will end up being. “
Wood explained that one of the important motivations for his bullish outlook was the growing demand for bitcoin, especially from large institutions looking for ways to curb the inflated supply of their cash assets.
“We are now entering what I believe is prime time and I think demand from institutional investors will help,” Wood explained to the panel. “The most surprising development recently … is that companies are now diversifying their cash flow with Bitcoin.”
She also noted that institutions are increasingly seeing bitcoin as a way to conduct business more transparently across borders.
“One of the reasons, as Tesla announced yesterday, is that they would like to do bitcoin business,” she said. “Especially in parts of the world where … converting from one fiat to another is prohibitively expensive.”
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