Big Tech Companies Are Exploring Bitcoin

It’s been just revealed that Ark Invest founder and CEO Cathie Wood said that she’s expecting a new wave of institutional investors to come to the crypto space.

During a new episode of ARK Invest’s In The Know Series, Cathie Wood stated that she sees a massive spike in institutional interest in Bitcoin.

Buying BTC as a hedge against the US dollar

It seems that she is also betting on the fact that big companies, especially the tech ones, will be following in the footsteps of payment giant Square and Michael Saylor’s MicroStrategy and buy BTC as a hedge against the US dollar.

“We have individuals and companies calling us about Bitcoin and other cryptocurrencies saying, ‘Should we put some of our cash into Bitcoin?’ These are companies, and as you know, Square has done that, as has MicroStrategy,” she said.

She continued and also said that “I think we’re going to hear about more companies putting this hedge on their balance sheet, as well, particularly tech companies – innovative companies who understand the technology and are comfortable with it.”

She said that the Office of the Comptroller’s crypto-friendly policies, such as allowing banks to issue stablecoins and act as nodes on a blockchain or the recent decision to grant a crypto banking charter to Anchorage Digital National Bank Association, would likely help usher in further crypto adoption.

More validation in the crypto space when it comes to regulators

She also made sure to highlight the fact that she believes that there’s been more validation in the space when it comes to the regulators.

She brought up Brian Brooks at the OCC, Office of the Comptroller of the Currency, and she revealed that has basically said that “public blockchains can be used for the settlement of transactions, and banks can become nodes on those public blockchains. Well, that was like a bolt of lightning.”

Check out the video above in order to learn what more she had to say.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $37,012.99.

Previous ArticleNext Article
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.