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Cathie Wood calls Bitcoin a “financial superhighway” and reiterates her $1.5 million price target
Cathie Wood, CEO of Ark Invest, called bitcoin {{BTC}} a “financial superhighway,” highlighting the cryptocurrency’s significant use cases in emerging markets.
Wood, whose Ark Invest recently became one of the issuers of a spot Bitcoin exchange-traded fund (ETF), ARKB, said the asset manager is focused on emerging markets and the global macro environment, which was “shocked” by the US federal government. The reserve’s interest rates are increasing, she said during a fireside chat at Friday’s Bitcoin Investor Day conference in New York.
“There are signals that all is not well in the world,” she said of countries like Nigeria, one of the largest users of bitcoin due to the currency’s sharp depreciation from the country. For this reason, Wood considers Bitcoin to be a risk-free asset and a risky asset.
Ark’s spot Bitcoin ETF became one of the best-performing Bitcoin ETFs among the ten funds issued in January.
Wood said that with more institutions entering this space, mathematically speaking, the price of Bitcoin could easily exceed $3.5 million. However, she did not give a specific new price target.
“Bitcoin still has a way to go,” she said instead, highlighting her previous call for a $1.5 million price target.
Learn more: Cathie Wood sees Bitcoin price reaching $1.5 million by 2030 after ETF approval