Home
News
Cathie Wood, CEO of Ark Invest, referred to Bitcoin as a “financial super highway.” It emphasizes the importance of use cases for cryptocurrency in emerging markets.
Ark Invest, led by Cathie Wood, has recently become one of the issuers of a spot Bitcoin ETF titled ARKB. The asset manager constantly focuses on emerging markets and the macro environment worldwide. The U.S. Federal Reserve’s increase in interest rates has shocked them, said Cathie in a fireside chat in New York at the Friday Bitcoin Investor Day Conference.
She said, “There are signals that not all is well in the world.” According to Cathie Wood, countries like Nigeria are one of the biggest and first adopters of Bitcoin to fight with the strong depreciation of the country’s currency. It is the reason Cathie Wood considers Bitcoin a risk-off asset.
The spot Bitcoin of Ark Invest has become one of the most successful Bitcoin ETFs among the ten newly launched ETFs since their launch on January 11, 2024.
Wood also added that more and more institutions will enter this space. In her views, she shared that, mathematically, the price of Bitcoin could easily rise above $3.5 Million. She was not in the mood to give a new, specific price target.
She said Bitcoin has miles to go to its previously announced price target of $1.5 Million.
Price target of $1.5 Million
Initially, Cathie Wood shared a price target of $1 million by 2030. However, with the approval of Spot BTC ETF, she turned bullish and released a new price target for 2030 of $1.5 Million. But looking at the current fall in the prices of Bitcoin after marking a new all-time high, she is skeptical about the ability of Bitcoin to reach the desired price target in the defined term.
However, the upcoming Bitcoin halving in April 2024 is also expected to push up the price of Bitcoin.
Cathie Wood backed her price predictions with a higher hashrate and long-term holder supply and addressed them with a non-zero balance compared to the prior downturns. ARK Invest was the only asset management firm expecting such a significant bullish move in the bitcoin price.
However, after experiencing the recent bull run in the previous days and months, more and more investors are becoming optimistic about Bitcoin prices in the near future. Standard Chartered Bank previously predicted that it could rise to levels closer to $200,000 by the end of 2025. It compares the Bitcoin ETF to the first U.S.-based gold exchange-traded product.
Cathie Wood says the firm has been looking closely at emerging markets, where use cases of the digital asset make her believe that Bitcoin is a risk-free asset. ARK Invest has been closely observing emerging markets, where use cases of digital assets make her believe that they are risk-free assets.
The SEC approval of the spot ETFs and Bitcoin halving are the probable factors supporting the growth of Bitcoin.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
