Bitcoin

The value proposition of Bitcoin $28,280 is on full display throughout the present banking crisis, which, according to ARK Invest CEO Cathie Wood, will only &#34;draw more institutions&#34; to the BTC market over time.In a March 21 Bloomberg interview, Wood discussed BTC&#39;s recent price spike, suggesting that its pricing behavior during the crisis &#34;will attract more institutions.&#34;&#34;The fact that Bitcoin moved extremely differently than equity markets in particular was quite illuminating,&#34; she continued.According to Oliver Linch, CEO of Seattle-based crypto exchange Bittrex, institutional interest in Bitcoin may have already arrived.In a March 21 interview on The Wolf Of All Streets podcast, Linch stated that several large banks invested in cryptocurrency as an investment product far before the recent banking crisis:&#34;Institutional interest in cryptocurrency is the great talking point of this bear market.&#34; Every major bank now has a substantial crypto desk, not only for trading but also for collaborations.&#34;But, he stated that there is still a gap between traditional financial institutions and crypto businesses, which has hampered institutional adoption in recent months.&#34;Historically, those major players have been the biggest drivers of innovation,&#34; he said, adding that the two sides are currently &#34;locked in a bit of a rut&#34; and that the &#34;real change&#34; will not occur until they quit competing for superiority.&#34;It&#39;s not cryptocurrency vs Goldman Sachs or cryptocurrency versus institutions. It&#39;s a competition to see who can do crypto best.&#34;In terms of the impact of institutional interest on Bitcoin&#39;s price, Wood explained in the interview that ARK Invest&#39;s $1-1.5 million BTC price prediction by 2030 was based on an institutional investor BTC allocation analysis, which estimated that most firms would allocate between 2.5% and 6.5% to BTC in their investment portfolios.&#34;These are the kinds of allocations they would have made to growing, new asset classes like real estate in the 1970s and small caps in the 1980s and 1990s,&#34; Wood noted.

Bitcoin’s Banking Crisis Surge Will ‘attract More Institutions’: ARK’s Cathie Wood

ItsBitcoinWorld

Alte articole publicate pe 22 mar. 2023

Cardano (ADA) Price Records a 12% Surge in 24H

Which NFTs Are Inspiring Films?

How the GMT Project is Developing

Bankrupty Court: Celsius Network custody accounts to get 72.5% of their crypto holdings

Wemade CEO Henry Chang gave a keynote speech at GDC 2023

Top 5 Crypto Airdrops To Look Out For

Join our free newsletter for daily crypto updates!