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Ark Invest CEO Cathie Wood expects bitcoin's price to rise to $ 550,000 as institutional investors ramp up their investments in the first cryptocurrency. Wood shared her thoughts during an interview with CNBC. Institutions are looking for opportunities outside of traditional asset classes and are opting for cryptocurrencies, she said. “I think institutional investors are switching [to cryptocurrencies] right now,” Wood said, adding that they currently prefer the two largest cryptocurrencies, Bitcoin and Ethereum. Overall, according to Wood, institutional investors have little or no access to crypto assets. But that could change: "The transition of institutional investors to bitcoin could lead bitcoin to a rise of $ 500,000 if over time their investments increase by about 5%."
