Cathie Wood, CEO of Ark Invest, described Bitcoin (BTC) as a “financial superhighway,” emphasizing the important use cases for cryptocurrencies in emerging markets.
The asset manager is focused on emerging markets and the macro environment around the world, which has been “shocked” by the US Federal Reserve, said Wood, whose Ark Invest recently became one of the issuers of the Bitcoin spot exchange-traded fund (ETF), ARKB. Reserve increases in interest rates, she said during a fireside chat at a Friday conference for bitcoin investors in New York.
“There are signs that not all is well in the world,” she said of countries like Nigeria, one of the biggest adopters of Bitcoin due to the significant decline in the value of the country’s currency. For this reason, Wood sees Bitcoin as a risk-off and risky asset.
Ark's Spot Bitcoin ETF has become one of the most successful Bitcoin ETFs out of the 10 funds released in January.
As more institutions enter the space, Wood said, mathematically, Bitcoin's price could easily rise above $3.5 million. However, it will not give a specific new target price.
“Bitcoin has miles to go,” she said instead, referring to her previous $1.5 million price target call.
