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Noted investor and crypto advocate Cathie Wood remains bullish on bitcoin, saying it could soar another $500,000 as hedge funds and other institutional investors increase their allocation to the biggest digital currency.

“Institutions are moving in,” the Ark Investment Management CEO and CIO told CNBC Squawk Box. “To some extent, this is a new asset class with correlation very different compared to other asset classes.

“Institutional managers have to look at new asset classes that are evolving and that have low correlation. That’s the … Holy Grail in terms of asset allocation.”

The move by institutional investors into bitcoin could add $500,000 to its price, if they ultimately give it a 5% allocation, Wood said.



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