Cathie Wood, the CEO of Ark Invest, has reaffirmed her optimistic outlook on Bitcoin. Notably, Wood, who recently revealed she has invested 25% of her personal wealth in Bitcoin, now anticipates a surge in the cryptocurrency to unprecedented levels. Describing Bitcoin as a “financial superhighway,” especially in the context of its significance in emerging markets, Wood suggested that its price could potentially soar to $3.8 million.
Cathie Wood restates her optimistic view on Bitcoin
At a Bitcoin Investor Day conference in New York last Friday, Wood made her notably bullish forecast. Intriguingly, this recent projection surpasses her earlier prediction in January, where she suggested that the digital asset could potentially reach $1.5 million by 2030. This implies that Bitcoin could witness an additional $2.3 million surge beyond her existing target.
Wood attributes this projected price growth to a significant shift in global market dynamics, fueled by Bitcoin’s ongoing adoption, particularly in developing nations. She highlighted the case of Nigeria, where citizens, grappling with unprecedented inflation, are turning to cryptocurrencies like Bitcoin as a hedge against inflation.
“There are signals that not all is well in the world,” she said.
Notably, Wood disclosed that Ark Invest, her investment firm, has shifted its focus toward emerging markets such as this. She highlighted that Bitcoin’s upward momentum could persist as institutional interest grows, with institutions increasingly allocating more than 5% of their portfolios to cryptocurrencies.
Furthermore, Wood sees the recent approval by the US Securities and Exchange Commission for institutional investment in Bitcoin as a significant catalyst for its potential growth to $3.8 million.
“We think Bitcoin has miles to go,” Wood said
The current trading price of Bitcoin is $64,936.
What lies ahead for Bitcoin?
As of the latest update, Bitcoin is currently priced at $64,256, marking a notable 25% increase over the past 30 days. Much of Bitcoin’s recent price momentum can be attributed to the introduction of Spot Bitcoin ETFs in the United States. Notably, Ark Invest, led by Cathie Wood, was among the issuers of Bitcoin ETFs approved by the SEC, and these ETFs have performed relatively well since their launch. Cumulatively, these ETFs have garnered a total net inflow of $11.269 billion since their introduction.
Despite these positive developments, Bitcoin is currently grappling with a slight downturn in its price trajectory. The cryptocurrency has retreated by 12% from its recent all-time high of $73,780, which it achieved earlier in the month. Concurrently, Spot Bitcoin ETFs have experienced several days of consecutive outflows in the previous week amidst this price correction. Nevertheless, investor sentiment towards Bitcoin remains largely bullish, and there are expectations that the cryptocurrency may resume its upward trajectory in the near future.
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