03-22-2023 icon

Bitcoin’s institutional challenge rise will likely engage more banks: ARK’s Chair Cathie Wood 

By Lucy Adegbe

…Cathie Wood applauded BTC’s varying movement from that of the stock market given the recent impact of institutional challenges. 

The market rate of Bitcoin continues a surge action with the recent institutional challenges, which is more likely to attract more banks to the crypto space in the long run as predicted by ARK development protocol’s chair Cathie Wood. 

Wood conveyed her view on Bitcoin’s rapid increase, during a Tuesday Bloomberg interview, noting that the trade rate action during these challenges will only engage more banks. 

According to her, “the fact that Bitcoin moved in a different way from the stock market, in particular, was quite instructive.”

Banking interest in the crypto space appears to be here already, Oliver Linch, the chair of Seattle-located digital currency trading protocol, stated.

Lunch highlighted, during a Tuesday discussion on The Wolf Of All Streets vlog, that a number of major banking institutions purchased digital currency assets as investments prior to the current institutional challenges.

Notwithstanding the bearish situation of the crypto market, banking institutions have shown major interest in digital currency, not solely for trading activities but for alliances, Linch further explained.

Nonetheless, he buttressed that there exists a gap between local banking institutions and digital currency exchanges, which has impeded institutional acceptance in the past periods.

Regarding the effect on BTC market value from the banking engagements, Cathie Wood revealed that ARK Invest’s 1-1.5 million dollars Bitcoin value projection by 2030 was based on an institutional shareholder Bitcoin allocation research. According to the research, a number of firms would allot from 2.5% to 6.5% to Bitcoin in their portfolios.