Cathie Wood calls Bitcoin (BTC) a “financial superhighway” and reiterates her $1.5 million price target

Cathie Wood, CEO of Ark Invest, called Bitcoin (BTC) a “financial superhighway” and highlighted the important use cases for the cryptocurrency 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 is being “shocked” by the US federal government. She said during a fireside chat at the Bitcoin Investor Day conference in New York on Friday that the Federal Reserve had raised interest rates.

“There are signs that all is not well in the world,” she said of countries like Nigeria, which is among the biggest adopters of Bitcoin due to the sharp devaluation of the local currency. For this reason, Wood views Bitcoin as a low-risk asset and a risk-on asset.

Ark's Spot Bitcoin ETF has become one of the most successful Bitcoin ETFs among the ten funds launched in January.

Wood said that mathematically, the price of Bitcoin could easily rise above $3.5 million as more institutions enter this area. However, she did not want to give a new specific price target.

“Bitcoin still has many miles to go,” she said instead, referencing her previous announcement of a $1.5 million price target.

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