Ark
Invest
CEO
Cathie
Wood
called
bitcoin
(BTC)
a
“financial
super
highway,”
emphasizing
the
important
use
cases
for
the
cryptocurrency
in
emerging
markets.
Wood,
whose
Ark
Invest
recently
became
one
of
the
issuers
of
a
spot
bitcoin
exchange-traded
fund
(ETF),
ARKB,
said
the
asset
manager
is
focused
on
emerging
markets
and
the
macro
environment
worldwide,
which
has
been
“shocked”
by
the
U.S.
Federal
Reserve’s
increase
in
interest
rates,
she
said
during
a
fireside
chat
at
the
Friday
Bitcoin
Investor
Day
conference
in
New
York.
-
08:42
Bitcoin
Ecosystem
Developments
in
2023
as
BTC
Hits
Fresh
2023
High -
01:10
Bitcoin
Extends
Rally
as
$1B
in
BTC
Withdrawals
Suggests
Bullish
Mood -
1:02:43
Why
Financial
Advisors
Are
So
Excited
About
a
Spot
Bitcoin
ETF -
02:21
When
Could
Traders
See
the
Arrival
of
a
Spot
Bitcoin
ETF?
“There
are
signals
that
not
all
is
well
in
the
world,”
she
said
about
countries
like
Nigeria,
one
of
the
biggest
adopters
of
bitcoin
because
of
the
strong
depreciation
of
the
country’s
currency.
Because
of
that,
Wood
sees
bitcoin
as
a
risk-off
asset
and
a
risk-on
asset.
Ark’s
spot
bitcoin
ETF
has
become
one
of
the
more
successful
bitcoin
ETFs
among
the
ten
funds
issued
in
January.
Wood
said
that
with
more
institutions
entering
this
space,
mathematically
speaking,
bitcoin’s
price
could
easily
rise
above
$3.5
million.
However,
she
wouldn’t
give
a
new
specific
price
target.
“Bitcoin
has
miles
to
go,”
she
said
instead
and
pointed
out
to
her
previous
call
of
$1.5
million
price
target.