Cathie Wood Optimistic Bitcoin Reaches IDR 23 Billion Post-Having This Year

Cathie Wood, CEO of investment firm ARK Invest. (Photo; Doc. CryptoKnowmics)

JAKARTA - Cathie Wood, founder and CEO of ARK Invest, one of the world's leading investment management companies, projects a flow of around $4 billion to its new investment product, Ark 21Shares Bitcoin ETF. This is a new investment product that recently received approval from the US Securities and Exchange Commission (SEC).

In a live session on Twitter Spaces, Wood discussed the development and confirmed his previous Bitcoin price prediction, which exceeds a million dollars (Rp 15.5 billion) per coin. Wood remains optimistic about Bitcoin's future, referring to the upcoming halving in 2024 and a limited supply of 21 million currencies.

In an interview with Yahoo Finance in November 2023, Wood expressed confidence in Bitcoin's potential scalability with a projected base case of around 600,000 US dollars (Rp 9.3 billion) to 650,000 US dollars (Rp 10.1 billion) and a bullish scenario driven by rising bitcoin's scarcity rate.

In the bullish scenario, the world's largest digital asset could reach a value of between 1 million US dollars (Rp 15.5 billion) to 1.5 million US dollars (Rp 23.3 billion) per coin, according to its analysis. However, Wood did not predict in detail when the price of bitcoin could reach that price.

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Target Institutional Investors

In his latest statement, Cathie Wood revealed that his party is actively communicating with various institutions, including the state and treasurer pension fund management agency. The goal is to get an initial investment into the Ark 21Shares Bitcoin ETF, code "ARCB."

Interestingly, ARCB will specifically target institutional investors, leaving the ARK habit that usually focuses on retail investors. Even so, Wood realized that attracting institutional investors usually goes through a longer and more careful evaluation process. Although he envisions the extraordinary achievement with a flow of USD 4 billion (IDR 62.2 trillion), Wood does not provide a specific time limit for this purpose.

Head of ARK Invest expressed optimism in an interview with Bloomberg, describing achieving a US$4 billion (Rp 62.2 trillion) target as "extraordinary success."