2023-03-22
Cathie Wood, CEO of Ark Invest, believes that the
rise in bitcoin prices during the banking crisis will bring more institutional investors.
"The fact that
bitcoin moved in a very different way from the equity markets, in particular,
was quite instructive," Wood told Bloomberg
on Tuesday. She added more opinion in term of investors side should diversify
their portfolios further into digital assets.
In a report targeting
institutional investors, Ark recommended they should allocate between 2.5% to
6.5% of their portfolios to crypto “if they care about this new asset class
diversifying their portfolios.” where
this allocation is similar to the size that institutional investors used to
allocate to emerging asset classes, Wood
said.
Bitcoin price rose about 40% compared to 10 days ago along with trading volume at around
$28,200.
Ark Invest wrote in
a note this week that Bitcoin and other cryptocurrencies were behaving
like "safe havens."
Ark Invest recently expanded its investments to
crypto-related companies such as Coinbase, Robinhood and Block, raising more
than $16 million for new crypto funds.
