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Within Ark Invest’s Bitcoin monthly, it was revealed that during the U.S. banking system’s struggles with bank runs, cryptocurrencies like Bitcoin and Ethereum continued to operate smoothly.
In fact, during the banking crisis in March, Bitcoin’s value appreciated by 49%, from $19,500 all the way up to just under $29,000, proving to be a safe haven for investors. The demand for transparent, auditable, and decentralized financial services has increased as the centralized and opaque traditional financial system has shown its weaknesses.
Despite regulators blaming crypto for the banking crisis, the focus should instead be on the centralized points of failure in the traditional banking system.
During March, Bitcoin facilitated approximately 9 million transactions, settled $650 billion, generated around $700 million dollars for miners, secured the network, and attracted around 13 million new addresses.
In a nutshell, the demand for more transparent, auditable, and decentralized financial services continues to grow, with crypto now truly being seen as a solution to the issues of the traditional financial system.
Kathy Wood, the CEO of Ark Invest, remains bullish on crypto, even though she disagrees with Balaji Srinivasan’s recent prediction of a $1 million Bitcoin price within 90 days. In a new interview on the Ark Invest, Kathy Wood shares her analysis on the current markets and the fragility of the banking system, which has further solidified the case for Bitcoin.
Balaji, who recently wagered that Bitcoin would reach $1 million by June 17th of this year, also shared his views and why he believes that Bitcoin will experience a crazy run to $1 million.
Before we jump into their points, only a small percentage of my viewers are actually subscribed, if you enjoy finance content, consider subscribing or liking the video, its free and you can always change your mind.
About Cathie Wood:
Catherine Duddy Wood is an American investor and the founder, CEO and CIO of Ark Invest, an investment management firm.
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#Crypto #Bitcoin #Ethereum