Ark Invest CEO Cathie Wood reiterated her bullish stance on BTC.
The investment tycoon recently revealed that she allocates 25% of her wealth to BTC and predicted that crypto assets are on the highway to new highs.
When discussing the importance of BTC in emerging markets, Wood called BTC a “super financial highway.” Therefore, she reiterated that the price of BTC could eventually reach as high as $3.8 million.
Wood made a very bullish prediction at the BTC Investor Day conference in New York last Friday.
Interestingly, this recent prediction surpasses another from January, when Wood predicted that the digital asset could potentially hit $1.5 million by 2030.
This means that BTC may grow by another $2.3 million after reaching its current target.
Wood attributes this price growth to a major shift in global market dynamics as BTC continues to gain adoption, especially in developing countries.
Wood cited Nigeria as an example, which has been battling unprecedented inflation in recent times, prompting its citizens to use crypto assets such as BTC to hedge against inflation.
"There are some signs that all is not well with the world," Wood said.
Interestingly, Wood revealed that her investment company Ark Invest has currently shifted most of its attention to such emerging markets.
Wood also noted that as institutional interest in BTC continues to rise, the price of BTC is likely to continue to soar, and institutions will begin to allocate just over 5% of their portfolios to crypto assets.
At the same time, Wood believes that the SEC (U.S. Securities and Exchange Commission) recently gave the green light for institutional investment in BTC, which is a huge driving force for BTC to grow to $3.8 million.
Wood added: “I think BTC still has a long way to go.”
As of March 24, BTC was trading at $64,256, up 25% in the past 30 days.
Much of the growth in BTC prices over the past few months has revolved around the launch of a spot BTC ETF in the United States.
Wood’s Ark Invest, one of the SEC-approved BTC ETF issuers, has performed relatively well since then.
Since their launch, these ETFs have received a cumulative net flow of US$11.269 billion.
However, BTC is currently struggling on the verge of a price surge. BTC is currently down 12% from its all-time high price of $73,780 set earlier this month.
Meanwhile, spot BTC ETFs saw consecutive days of outflows last week amid price struggles.
On the other hand, BTC continues to attract bullish sentiment from investors and the Crypto asset may soon resume price surges.