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Cathie Wood Says Bitcoin Consolidation Extremely Healthy Amid ‘Early Stages’ of Institutional Adoption: Report

Cathie Wood, the CEO of ARK Invest, believes that Bitcoin's market structure is strong and predicts a potential massive breakout for the cryptocurrency. She considers the recent sideways trading of Bitcoin in the $90,000 range to be "extremely healthy" for its market. Wood also notes that institutional adoption of Bitcoin is still in its early stages and expects increased demand as money managers explore adding BTC to their portfolios. She highlights Bitcoin's scarcity properties, with only about 1 million BTC left to mine. Wood predicts that once there is regulatory clarity and tax cuts under pro-crypto US President Donald Trump, there will be a significant increase in innovation and animal spirits in the Bitcoin market. At the time of writing, Bitcoin is trading at $92,133, experiencing a 4% decrease in the past 24 hours.

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