Is the Banking Fiasco a Boon for Bitcoin? Cathie Wood Thinks So
With the recent turmoil in the banking industry as a backdrop, Cathie Wood and her team at Ark Invest believe Bitcoin (CRYPTO: BTC) is displaying traits usually only seen in safe-haven assets such as gold.
Wood, with the help of her crypto analyst, earlier this week penned an open letter arguing that Bitcoin adoption was in the midst of a watershed moment. The letter coincided with a rise of more than 25% for Bitcoin in a week amid a series of banking failures in the U.S. and Europe.
Usually Wood's crypto team publishes a monthly report highlighting noteworthy developments and statistics related to Bitcoin, but this one was unique because it was outside the normal publishing schedule, underscoring the urgency of the situation.
Source Fool.com
