Ark Invest CEO Cathie Wood reiterated her bullish stance on Bitcoin, calling it a “financial superhighway” in her speech at the Bitcoin Investor Day conference in New York today.
Wood, whose company recently became one of the issuers of the spot Bitcoin ETF ARKB, said there are important uses for BTC in emerging markets. He noted that Ark Invest focuses on these markets and the global macro environment, which has been “shocked” by the US Federal Reserve's recent interest rate hikes.
“There are signals that all is not well in the world,” Wood said, referring to countries like Nigeria, which has been one of the biggest adopters of Bitcoin due to the strong depreciation of their currencies. As a result, Wood sees Bitcoin as both a risk-off and risk-prone asset.
Ark's spot Bitcoin ETF, ARKB, has become one of the most successful Bitcoin ETFs among the ten funds launched in January. Wood believes Bitcoin's price could easily rise above $3.5 million as more institutions enter the space. However, he refrained from giving a new specific price target.
“Bitcoin has a long way to go,” said Wood, pointing to his previous $1.5 million price target call.
*This is not investment advice.
You’re mixing up your pronouns. I see this all the time in articles and I don’t know why it happens. If Cathie Wood is a she or a her at the beginning of your article, she should remain so throughout, not become a he halfway through. Please take time to edit your articles.