Cathie Wood describes Bitcoin as a 'financial superhighway' and reaffirms her $1.5 million price prediction

The CEO of Ark Invest stated that the company has been closely examining emerging markets, where the digital asset's use cases lead her to believe that bitcoin serves partly as a risk-off asset.

Cathie Wood, CEO of Ark Invest, referred to bitcoin as a "financial superhighway," highlighting its significant use cases in emerging markets. Wood, whose firm recently launched a spot bitcoin exchange-traded fund (ETF), ARKB, mentioned that Ark Invest is concentrating on emerging markets and the global macroeconomic landscape, particularly affected by the U.S. Federal Reserve's interest rate hike. She discussed this during a fireside chat at the Friday Bitcoin Investor Day conference in New York.

Wood noted that countries like Nigeria, a significant adopter of bitcoin due to its currency's sharp depreciation, indicate global instability. Consequently, she views bitcoin as both a risk-off and risk-on asset.

Ark's spot bitcoin ETF has emerged as one of the top performers among the ten funds launched in January. Wood highlighted the increasing institutional interest in the sector, suggesting that, based on mathematical projections, bitcoin's price could surpass $3.5 million. However, she refrained from providing a new precise price target, emphasizing that bitcoin still has significant potential. Instead, she reiterated her earlier prediction of a $1.5 million price target.