1 Popular Cryptocurrency Cathie Wood's Ark Invest Sees Surging 1,823%

Cathie Wood of Ark Invest predicts that Bitcoin will hit a price of $1.25 million within five years.

Rising rates of institutional adoption, fueled by a pro-crypto regulatory environment, should help push Bitcoin higher.

While Bitcoin has significant upside potential, it is unlikely to deliver the same level of returns as it did during its early days.

For much of its history, Bitcoin (CRYPTO: BTC) has been one of the top-performing assets in the world. No wonder, then, that crypto investors continue to hold out hope that Bitcoin will soon recover and go on another of its epic rallies.

Notably, Cathie Wood of Ark Invest continues to double down on her bullish price targets for Bitcoin. Despite Bitcoin's recent downturn, she still thinks it's capable of hitting a price of $1.25 million within the next five years. Based on an Aug. 7 price of roughly $65,000, that's a head-spinning gain of 1,823%.

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There are several reasons why Cathie Wood continues to bang the table for Bitcoin. A major factor is institutional adoption, which refers to the growing number of banks, financial institutions, and corporations that are embracing Bitcoin.

Powering this institutional adoption is a new wave of crypto legislation. The key focal point right now is the Digital Asset Market Clarity Act (also known as the Clarity Act). If and when the bill is passed, it could open the floodgates for more U.S. companies -- even those that have been crypto-skeptical in the past -- to embrace Bitcoin.