Bitcoin's banking crisis surge will 'attract more institutions': ARK's Cathie Wood
The value proposition of Bitcoin (BTC) is on full display amid the current banking crisis, which will only “attract more institutions” to the BTC market over time, ARK Invest CEO Cathie Wood believes.
Wood shared her thoughts on BTC’s recent price surge in a March 21 Bloomberg interview, stating its price behavior through the crisis “is going to attract more institutions.”
“The fact that Bitcoin moved in a very different way from the equity markets, in particular, was quite instructive,” she added.
ARK Investment Management CEO Cathie Wood says the behavior of the Bitcoin's price through the latest banking turmoil will attract more institutions and investors https://t.co/2d8cT7SX3n pic.twitter.com/Eaymh05lhq
Institutional interest in Bitcoin may have already arrived according to Oliver Linch, the CEO of Seattle-based crypto exchange Bittrex.
Linch noted in a March 21 interview on The Wolf Of All Streets Podcast that many big banks bought into crypto as an investment product well before the recent banking crisis:
However, he noted there’s still a divide between traditional financial institutions and crypto firms which has caused headwinds in institutional adoption over the last few months.
“Historically, those big players have been the biggest drivers of innovation,” he said, before claiming the two sides are currently “stuck in a bit of a rut” and the “big change” won’t happen until they stop fighting for superiority.
As for the impact on Bitcoin’s price from the institutional interest, Wood explained in the interview that ARK Invest’s $1-1.5 million BTC price prediction by 2030 was made on the back of an institutional investor BTC allocation analysis, which estimates most firms to allocate between 2.5% to 6.5% to BTC in their
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