Bitcoin’s value is set to rise tenfold and will overtake that of gold, a leading New York investment manager has predicted.
Ark Invest, the vehicle of Cathie Wood, the veteran stockpicker, expects the world’s largest cryptocurrency to “comfortably” eclipse gold’s $10 trillion market capitalisation.
The value of bitcoin has more than doubled this year, hitting a record high of $61,606 last month, amid sustained interest in its potential and signs of a shift from the fringes of global finance towards the mainstream.
Yassine Elmandjra, a cryptoasset analyst at Ark, criticised policymakers including Janet Yellen, the US Treasury secretary, who have warned that bitcoin is inefficient, unstable and often used for illicit finance. “I really think that it’s just outdated arguments as a function of their