New York, March 22, 2024 - Ark Invest CEO Cathie Wood has described Bitcoin (BTC) as a "financial superhighway," highlighting its significant use cases in emerging markets.
Wood, whose Ark Invest recently became an issuer of the spot Bitcoin exchange-traded fund (ETF) ARKB, emphasized the firm's focus on emerging markets and the global macro environment. She noted that the U.S. Federal Reserve's interest rate hikes have "shocked" the world, leading to increased adoption of Bitcoin in countries like Nigeria, where the local currency has depreciated significantly.
"There are signals that not all is well in the world," Wood said, referring to the challenges faced by emerging economies. She believes that Bitcoin serves as both a risk-off and risk-on asset in these markets.
Ark's spot Bitcoin ETF has emerged as one of the most successful among the ten funds launched in January. Wood suggested that with increasing institutional participation, Bitcoin's price could potentially exceed $3.5 million. However, she refrained from providing a specific updated price target.
"Bitcoin has miles to go," Wood stated, reiterating her previous prediction of a $1.5 million price target.
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