Ark Invest CEO Cathie Wood at the event in New York today. Bitcoin In his speech at the Investor Day conference, he reiterated his bullish stance on Bitcoin, calling it a “financial superhighway.”
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.
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