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.
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