Current Bitcoin Price Behavior Will Attract More Institutions, Says Ark CEO
Cathi Wood shared her opinion on the ongoing US banking crisis and noted that it is a good situation for Bitcoin adoption.
ARK Investment Management LLC is a US-based investment management firm based in St. Petersburg, Florida. This company manages several actively managed exchange-traded funds (ETFs). In 2014, Cathie Wood founded this company. Ark also has significant financial exposure in the stocks of crypto companies like Robinhood, Coinbase, etc.
On 21 March 2023, Cathie Wood, the CEO of Ark investment, appeared in an interview with Bloomberg. In the interview, Cathie said that the movement of Bitcoin price is following a different path other equity market also said that the current increment in the Bitcoin price amid the downfall of the US banks is going to push the Institutions toward Bitcoin.
“The fact that Bitcoin moved in a very different way from the equity markets, in particular, was quite instructive,” Cathie said.
According to Ark invest’s research the price of Bitcoin will hit $1.5 million in 2030 & will happen with the inflow of Institutional investors in the Bitcoin market.
In the last 10 days, more than a dozen US banks reported bad financial positions and that situation dragged the attention of many newbies in the crypto sector. In these days, the price of Bitcoin, and Ethereum-like crypto assets surging rapidly.
The current trade price of Bitcoin is $28,101 & this trade price is 66% high over the last 3 months of trade price.
The current Bitcoin fear & greed index is 61, which means people are blindly buying Bitcoin with full confidence to gain profit.