According to CoinDesk, Ark Invest CEO Cathie Wood referred to bitcoin as a 'financial super highway' during a fireside chat at the Friday Bitcoin Investor Day conference in New York. She emphasized the cryptocurrency's significant use cases in emerging markets, particularly in countries like Nigeria, where bitcoin adoption has been driven by the strong depreciation of the local currency. Wood sees bitcoin as both a risk-off and risk-on asset.
Ark Invest, which recently became one of the issuers of a spot bitcoin exchange-traded fund (ETF), ARKB, is focused on emerging markets and the global macro environment. Wood noted that the world has been 'shocked' by the U.S. Federal Reserve's increase in interest rates, signaling that not all is well globally. Ark's spot bitcoin ETF has been one of the more successful funds among the ten issued in January.
Wood also mentioned that with more institutions entering the cryptocurrency space, bitcoin's price could potentially rise above $3.5 million. However, she did not provide a specific price target, instead stating that 'bitcoin has miles to go' and referring to her previous call of a $1.5 million price target.