Let’s look into the future of Bitcoin. Bitcoin fell below $60,000 after a vast October rally. However, Cathie Wood of ArkInvest remains optimistic about the world’s largest cryptocurrency. She is even more confident than before.
Last week, it announced that if institutional investors switched to bitcoin and set aside 5% of their portfolios, the cryptocurrency price would rise to approximately $560,000 by 2026.
Its latest forecast indicates a growth potential of more than 800%. This may seem like a hair’s breadth, but Wood was right when she predicted Tesla’s growth of 1,200%.
So here are some ways to get the cryptocurrency boom on its side, including low-cost, zero-charge options.
Wood herself offers a new way to invest in cryptocurrencies. In September, the Ark Next Generation online ETF fund revised its prospectus to include Bitcoin through the Canadian ETF.
ETF
The first bitcoin ETF began trading on the New York Stock Exchange last month, but Canada has been ahead of the United States for some time. Several bitcoin ETFs have been launched in Canada this year, including Purpose Bitcoin ETC, 3iQ CoinShares Bitcoin ETC, CI Galaxy Bitcoin ETF and Evolve Bitcoin ETF.
As for the US, the ProShare Bitcoin Strategy ETF debut may have been the primary catalyst for the October bitcoin rally.
Investors who want to enter the cryptocurrency market can invest in these ETFs but buy bitcoin directly.
Companies that have entered the cryptocurrency market provide investors with another way to benefit from the cryptocurrency rally.
For example, MicroStrategy, an enterprise software company, earned 9,000 bitcoins in the third quarter. The total number of bitcoins is 114,042, and the value of their shares is approximately 6.7 billion USD.
Due to MicroStrategy’s massive stake in bitcoins, some investors use it as a means of investing in cryptocurrencies. In the past, bitcoin growth has usually led to similar changes in MicroStrategy’s share price.
Investors
There is also Riot Blockchain, which mines bitcoins and hosts bitcoin mining equipment for institutional clients. Due to the rapid rise in bitcoin price, Riot shares have risen by an incredible 492% over the last 12 months. So we can only predict so much about future of bitcoin as the data shows.
Investors can also look at Coinbase. In the summer, the company’s share price fell below $250 during the IPO, but the sharp rise in cryptocurrencies brought it back by more than $300 last month.
Although cryptocurrency stocks can be expensive, some of these companies can be obtained through a popular application that allows us to buy stocks for as much money as we are willing to spend.
