According to the CEO of Ark Invest, the Bitcoin ecosystem has not yet reached the end of institutional investors
Catherine Wood, the founder of ARK Investment (Ark Invest) believes that many more large companies will explore Bitcoin in the coming days. Wood predicted that a new wave of institutional investors was on the way.
She claimed that interest in digital assets has increased lately and that its epic run will attract several companies looking to add bitcoin to their financial books. Wood specifically highlighted tech companies as the most likely to follow the current trend from Square and MicroStrategy.
The star stock picker stated that the companies had an understanding of blockchain technology and would find it easy to invest in BTC compared to the others. She added that technology companies will purchase bitcoin as a hedge against the dollar.
“I think we’ll hear from more companies that are adding this protection to their balance sheets, especially technology companies – innovative companies that understand and are familiar with technology. ”
Additionally, Wood pointed out that the friendly guidelines implemented by the Office of the Comptroller will be a big driver for the adoption of crypto. She referred to the OCC regulation, which allows banks to process payments with stablecoins.
“I Also, think there has been more validation in the room with regards to regulators“, She said.
Wood currently regards the digital asset as the best security against the devaluation of the dollar. It is for this reason that she sees the many large companies flooding the Bitcoin ecosystem.
“I believe there is no better inflation hedge than Bitcoin. The dollar fell around 7% last year. In the USA we have lost 7% of purchasing power compared to other currencies worldwide. ”
Elsewhere, former US Treasury Secretary Larry Summers praised Bitcoin and said it was not a bubble. The economist claimed BTC had the resilience to stay afloat and the potential to attract more investors. In a Bloomberg interview last Friday, he said: “I’m not going to predict the fluctuations over the next six months, but I think some institutions like it and it’s here to stay. I don’t think the whole thing will collapse”.