Ark Invest CEO Cathie Wood believes Bitcoin's rally amid the recent banking crisis will only “attract more institutions.”

In a March 21 interview with Bloomberg, Wood said Bitcoin's price behavior through the crisis “is going to attract more institutions.” She claimed this could help build a bull case for the flagship cryptocurrency to surge to around $500,000.  

She noted that during a banking crisis, liquidity dries out, which usually hurts assets. “The fact that Bitcoin moved in a very different way from the equity markets, in particular, was quite instructive,” she added. 

Bitcoin is up by more than 27% over the past two weeks, according to data by CoinGecko. This is despite the recent turbulence in the US banking sector that saw three major banks collapse in one week. 

In a note to investors, Ark Invest argued that the rally is a sign of Bitcoin's value as a safe haven asset.

(By Ruholamin Haqshanas)