Cathie Wood Says Bitcoin Likely Halfway Through Bull Market, Predicts BTC Adoption by Major Banking Giants - The Daily Hodl

Cathie Wood Says Bitcoin Likely Halfway Through Bull Market, Predicts BTC Adoption by Major Banking Giants – The Daily Hodl

Source Node: 2633070

ARK Invest chief executive Cathie Wood believes Bitcoin (BTC) is only halfway through its current bull market cycle.

In a new interview with science and tech entrepreneur Peter Diamandis, Wood says that ARK believes that parabolic rallies may signal that the end of the bull market is near.

“We have four people at ARK who are working on crypto generally, one dedicated to Bitcoin on-chain analytics. And judging by those, we are, we believe, halfway through this bull market. And halfway doesn’t mean we’re halfway through the price increase, because, you know, at the end of a bull market prices tend to go parabolic… We feel very strongly, just based on on-chain analytics, looking at them versus the short ten-year history, a little bit more than that, that we’re halfway through the bull market.”

Wood also predicts that at least one major wirehouse may start listing spot Bitcoin exchange-traded funds (ETFs) within the next several months, causing adoption to soar.

“What’s very interesting, since the ETFs were launched in January… not one major, we call them wirehouses, like Morgan Stanley, UBS, Wells Fargo, Bank of America, Merrill Lynch, not one has put Bitcoin on its platform yet, a Bitcoin ETF. They’re all doing their due diligence. And I think what’s going to happen is, within the next few months, one will and it may be not the big ones. It may be an independent RIA (registered investment advisor) like LPL, they tend to move a little more quickly. Once you get one with a spot Bitcoin ETF on its platform, the others will fall in line pretty quickly.”

Bitcoin is trading for $57,643 at time of writing, up 3.5% in the last 24 hours.

[embedded content]

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Time Stamp:

More from The Daily Hodl