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Bitcoin (CRYPTO: BTC) is seen by many as a “risk-on” investment, that is, when markets are shaky, investment tends to flow out of the asset to more stable alternatives.
However, ARK Invest head and market oracle Cathie Wood says attitudes may be shifting. When this year’s regional banking crisis was in mid-swing, many were fearful that another 2008 was beginning to unfold. But in the midst of this uncertainty and fear, what happened to BTC’s price?
It skyrocketed. In the days following Silicon Valley Bank’s takeover by government regulators, BTC went from trading around $20,000 to over $27,000, and a month on, in early April, had surpassed $30,000.
In a recent interview with Bloomberg, while discussing her fund’s attempts to gain SEC approval for a Bitcoin spot ETF, Ms. Wood said it was “very interesting to watch Bitcoin go from $19,000 to $30,000 right in the middle of that banking crisis… So it was a flight to safety. I thought that move was just as interesting”.
Ms. Wood continues to seem bullish on Bitcoin - and the blockchain market at large - many of her ETFs like (NYSE:ARKK) and (NYSE:ARKW) are heavily invested in Blockchain technology.
For those looking to gain exposure, but hesitant to buy crypto outright, ETFs provide an attractive option. The following are the best-performing Blockchain-related ETFs since January 1st of this year.
VanEck Digital Transformation ETF (NYSE:DAPP)
Bitwise Crypto Industry Innovators ETF (NASDAQ:BITQ)
Global X Blockchain ETF (NYSE:BKCH)
Featured photo by Pierre Borthiry - Peiobty on Unsplash
