2024-3-24 18:30 |
Ark Invest CEO Cathie Wood has reiterated her bullish stance on Bitcoin. The investment mogul, who recently disclosed she allocated 25% of her wealth into Bitcoin, has now predicted the cryptocurrency is on a highway to new highs.
Particularly, Wood called Bitcoin a “financial super highway,” amidst discussions of its importance in emerging markets. As a result, she reiterated that the price of Bitcoin could end up as high as $3.8 million.
Cathie Wood Reiterates Bullish Stance On BitcoinWood made her very bullish prediction at a Friday Bitcoin Investor Day conference in New York. Interestingly, this recent prediction surpasses another one made in January where she predicted that the digital asset could potentially hit $1.5 million by 2030. This means Bitcoin could increase by another $2.3 million after reaching her existing target.
Wood credits this price growth to a major shift in the global market dynamics as Bitcoin continues to receive adoption, especially in developing countries. She made a case of Nigeria, whose struggle with unprecedented inflation in recent times has pushed its citizens to run to cryptocurrencies like Bitcoin to hedge against inflation.
“There are signals that not all is well in the world,” she said.
Interestingly, Wood revealed that Ark Invest, her investment company, has now diverted most of its attention into emerging markets such as this. She also noted that Bitcoin could continue on a price surge as institution interest continues to rise and institutions start to allocate a little more than 5% of their portfolio to the cryptocurrencies.
At the same time, Wood believes the US Securities and Exchange Commission’s recent greenlight for institutional investment in Bitcoin is a huge driving force for its growth to $3.8 million.
“We think Bitcoin has miles to go,” Wood said.
What’s Next For Bitcoin?At the time of writing, Bitcoin is trading at $64,256, up by 25% in the past 30 days. Most of Bitcoin’s price growth in the past few months has been centered around the launch of Spot Bitcoin ETFs in the US. Wood’s Ark Invest was one of the Bitcoin ETF issuers approved by the SEC and has done relatively well since then. These ETFs have now received a total net flow of $11.269 billion since their launch.
Bitcoin, however, is currently struggling with its price surge. The crypto is now down 12% from an all-time high of $73,780 which it attained earlier in the month. At the same time, Spot Bitcoin ETFs witnessed consecutive days of outflows last week amidst the price struggle. On the other hand, Bitcoin continues to attract bullish sentiment from investors and the cryptocurrency could resume its price surge very soon.
Featured image from Pexels, chart from TradingView
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