Bitcoin: Cathie Wood's Vision of a Financial Superhighway to $1.5M

Cathie Wood, CEO of Ark Invest, has described Bitcoin as a "financial super highway," highlighting its significant utility in emerging markets. Wood, whose firm recently launched a spot Bitcoin exchange-traded fund (ETF), emphasised their focus on emerging markets and the global macroeconomic environment, particularly impacted by the U.S. Federal Reserve's interest rate hikes. Speaking at the Friday Bitcoin Investor Day conference in New York, Wood noted the growing adoption of Bitcoin in countries like Nigeria, where currency depreciation has spurred interest in the cryptocurrency. She views Bitcoin as both a risk-off and risk-on asset. Ark's spot Bitcoin ETF, ARKB, has gained traction since its launch, and Wood suggested that with increased institutional involvement, Bitcoin's price could surpass $3.5 million. While refraining from providing a new specific price target, Wood reiterated her previous prediction of Bitcoin reaching $1.5 million, indicating her continued bullish outlook on the cryptocurrency's long-term potential.