Bitcoin
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According to ARK Invest CEO Cathy Wood, the value proposition of bitcoin is fully manifested in the current banking crisis, which will attract more organizations to the BTC market over time.
The fact that bitcoin moved in a completely different way than the stock markets was very instructive, the top manager added.
According to Bittrex CEO Oliver Lynch, institutional interest in bitcoin may have already surfaced. He said that many large banks bought cryptocurrency as an investment product long before the banking crisis:
The main theme of this bear market was the institutional interest in cryptocurrency. Now every major bank has a solid crypto department not only for trading, but also for partnerships.
However, he noted that there is still a gap between traditional financial institutions and crypto firms that has hampered institutional adoption over the past few months.
In regards to the influence of institutions on the price of bitcoin, Wood explained that ARK Invest’s BTC price prediction of $1-1.5 million by 2030 was made based on the integration of BTC by institutions. Most firms will allocate 2.5% to 6.5% of their investment portfolios to bitcoin, according to the organization’s analysis.
Lynch, in turn, believes that aggressive institutional adoption will come when the right opportunities arise:
Show them how it can be done and how it can bring them money and I guarantee you they won’t fight back. They will pedal all the way to take advantage of this opportunity.
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