Cathie Wood, one of the famous cryptocurrency whales, praised Bitcoin (BTC) in her latest statements. On the other hand, she announced that she made sales for some assets in her portfolio. Here are the details…
Cryptocurrency whale: Banking crisis will attract more institutional investors to Bitcoin
After the collapse of Silvergate, Silicon Valley Bank and Signature banks, positive emotions flooded Bitcoin. Cathie Wood, CEO of ARK Invest, believes that Bitcoin’s value proposition is on full display amid the current banking crisis. He states that this is a development that will only “attract more institutions” to the BTC market over time. Wood shared his thoughts on the recent price rise of BTC in an interview with Bloomberg, adding that “it was quite instructive for Bitcoin to move in a very different way, especially from the equity markets.”
Since the banking crisis, the value of BTC has increased by over 40 percent. As for the impact of institutional interest on Bitcoin price, Wood said in the interview that ARK Invest’s $1-1.5 million BTC price prediction by 2030 is based on institutional investor analysis, which estimates that most firms will allocate between 5 and 6.5 percent to BTC in their investment portfolios. explained. “These are the kinds of appropriations they would make to new asset categories that emerged like real estate in the ’70s and small capitals in the ’80s and ’90s,” Wood added.
On the other hand, institutional interest in Bitcoin may already have arrived, according to Oliver Linch, CEO of Seattle-based crypto exchange Bittrex. In an interview on The Wolf Of All Streets podcast March 21, Linch stated that many major banks were buying cryptocurrencies as an investment product long before the recent banking crisis. Linch believes that “aggressive” corporate adoption will come as opportunities become more easily identifiable.
ARK Invest sells $13.5 million worth of Coinbase shares
Meanwhile, ARK Invest, owned by Cathie Wood, sold 160,887 shares of crypto exchange Coinbase (COIN) worth $13.5 million on Tuesday. During the crypto winter, ARK bought stocks of Coinbase heavily. Throughout 2022, COIN underperformed both Bitcoin and Ethereum, and its shares fell 86 percent over the year. ARK’s most recent COIN acquisition took place in early March when the company bought more than 350,000 shares of Coinbase, including 301,437 shares for the ARK Innovation ETF (ARKK) and 52,525 shares for the Next Generation Internet ETF (ARKK). . At that time, the COIN price was trading at $22.
Since the start of the year, COIN has risen nearly 150 percent and closed Tuesday trading day in the US at $83.99. The stock is still down 54 percent from last calendar year. cryptocoin.com As we reported, COIN was listed on the Nasdaq at $342 in April 2021 and came very close to breaking above the list price at the peak of the bull market in November 2021. On the other hand, recently, ARK announced that it has raised $16 million for a new private crypto fund.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.