Cathie Wood: BlackRock and Coinbase Could Benefit Bitcoin

Cathie Wood Ark Invest
  • BlackRock entering the crypto market could boost the price of Bitcoin.
  • CoinBase and BlackRock partner to attract customers with large wallets looking to invest in Bitcoin.

Cathie Wood, CEO of the American asset management company ARK Invest, stated that the price of Bitcoin could benefit from BlackRock’s foray into the cryptocurrency market.

BlackRock is a New York-based investment management company that recently partnered with one of the world’s largest cryptocurrency platforms, Coinbase, in order to attract wealthy individuals to cryptocurrency trading.

Wood resorted to publishing a video through the company’s YouTube channel to talk about the investigations that are being carried out about the entities that are taking advantage of cryptocurrencies. According to the study conducted by ARK Invest, those institutions interested in the cryptoactive market, and in reducing volatility, should direct 2.5% of the portfolio for this purpose.

In the case of BlackRock, which has just entered this medium, that percentage represents 1 billion dollars, of the 40 billion dollars that the company has. With these volumes, the price of Bitcoin would multiply, according to Wood.

In addition, there are other signs to affirm that Bitcoin would go up, according to the CEO of ARK Invest.

“The illiquid supply, according to our estimates, is about 14 million of the approximately… 18-19 million Bitcoin in circulation… And according to our calculations, only three million units are actually liquid. So the demand, if we had a 1 trillion increase in demand, then it would probably increase the price much more than the doubling that I just mentioned,” Wood added.

The price at the moment of BTC is 23,797 USD, which means that it went up 3% in one day.