Bitcoin's 400x Rise Aside, Cathie Wood Says The 'Next Exciting Leg' Is Just Beginning

Renowned investor Cathie Wood said Tuesday that growing institutional interest in Bitcoin BTC/USD would herald the “next exciting leg” of the asset’s growth journey.

What Happened: The CEO of asset management firm ARK Invest was reacting to billionaire hedge fund manager Philippe Laffont’s views on Bitcoin.

Laffont, founder of tech-focused hedge fund Coatue Management, said in a recent conference that retail investors understood the value of Bitcoin earlier than institutions.

“It feels like sometimes the institutional investor is wrong and the retail investment is right,” he stated. “I don’t think we can afford to ignore it anymore.”

Wood noted that ARK Invest had given its clients exposure to the cryptocurrency back in 2015 when it was priced at only $250.

“Thanks primarily to retail investors, Bitcoin has appreciated 400-fold. Now that institutions are focused on this new asset class, the next exciting leg of this journey is beginning,” she added.

See Also: ‘Big Short’ Investor Eisman Warns JPMorgan, Wells Fargo Domination Squeezes Regional Banks

In a previous interview, Wood had reaffirmed her bullish stance on Bitcoin, predicting that it would hit a minimum of $700,000 in the coming years. This would represent a surge of at least 580% from its current value by 2030.

Why It Matters: Laffont predicted earlier this month that Bitcoin would become central to investment portfolios in the years to come, joining a growing list of well-known hedge fund managers who have softened their views on the asset.

Institutions have poured over $47 billion in spot Bitcoin exchange traded funds since their debut last year, with BlackRock’s iShares Bitcoin Trust ETF IBIT becoming the world’s largest cryptocurrency investment vehicle, according to SoSo Value.

Meanwhile, Wood remains an outspoken advocate of Bitcoin, forecasting that it will reach $700,000 in the coming years, with the bull case in the $1.5 million range.

Price Action:  At the time of writing, Bitcoin was exchanging hands at $106,392.90, up 1.30% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Yalcin Sonat On Shutterstock.com

Read Next: 

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.