Bitcoin (BTC-USD) -2.2% could rise into the $70K range if trends in corporate use continue, ARK Investment Management CEO Cathie Wood said on a web presentation today.
Bitcoin playing "a pivotal rose in corporate cash" was one of ARK's five best ideas for 2021.
If companies in the S&P 500 were to put 1% of their cash into bitcoin, that would increase the price of bitcoin by $40K, Wood said.
Among ARK's other ideas, it says server processors will transform the next decade and that Intel (NASDAQ:INTC) has "really lost its way," according to Wood.
Arm Holdings and Risc 5 "will displace Intel," and grow together at a 45% annualized rate over 10 years, she says.
Deep learning was another best idea, which "could create more economic value than the internet did," Wood says.
Autonomous driving was highlighted as an area where computing power is needed at the highest level where computers are teaching themselves.
While Google Glasses were premature, virtual worlds is another hot prospect, according to ARK, with virtual gaming becoming a $400B market by 2025.
Digital wallets rounded out the five ideas, which has been "turbocharged" by COVID-19.
Wood notes the confluence between payment and e-commerce, noting that "half the time spent on WeChat Pay is spent on pay and half on e-commerce."
ARK reported its strong Q4 performance, but its biggest drags included Zoom (NASDAQ:ZM) and other familiar work-from-home names.
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.