Investment Genius Cathie Wood Says Bitcoin Is Headed To $1.5 Million

Ark Invest CEO Cathie Wood reiterated: bullish attitude About Bitcoin.The investment tycoon who recently exposed his girlfriend allocated 25% of her estate Investors in Bitcoin are currently predicting that the cryptocurrency is on its way to new highs.

Wood, in particular, referred to Bitcoin as a “financial superhighway” as its importance in emerging markets is discussed. As a result, the price of Bitcoin could eventually rise to $3.8 million, she reiterated.

Cathie Wood reiterates her bullish stance on Bitcoin

the tree made her very bullish prediction At the Bitcoin Investor’s Day Conference in New York on Friday. Interestingly, this latest prediction exceeds another prediction she made in January. Could reach $1.5 million This means that Bitcoin could increase by an additional $2.3 million after reaching its existing target.

Wood believes this price increase is due to major changes in global market dynamics, as Bitcoin continues to be adopted, especially in developing countries. She cited the case of Nigeria. Nigeria’s recent battle with unprecedented inflation has led its citizens to turn to cryptocurrencies such as Bitcoin to hedge against inflation.

“There are signs that not all is well in the world,” she says.

Interestingly, Mr. Wood said that his investment company, Ark Investments, is currently diverted most of the attention Enter these emerging markets. He also pointed out that Bitcoin prices may continue to soar as interest from financial institutions continues to grow, with each institution starting to allocate over 5% of its portfolio to cryptocurrencies.

At the same time, Wood believes that the U.S. Securities and Exchange Commission’s recent green light for institutional investment in Bitcoin is a major driver of Bitcoin’s growth to $3.8 million.

“We think Bitcoin still has a long way to go,” Wood said.

Bitcoin is now trading at $64.936. Chart: TradingView

What’s next for Bitcoin?

At the time of writing, Bitcoin is trading at $64,256, up 25% in the past 30 days. Much of the rise in Bitcoin prices over the past few months has been centered around the launch of a spot Bitcoin ETF in the United States. Wood’s Ark Invest is one of the Bitcoin ETF issuers approved by the SEC and has performed relatively well since then. These ETFs have totaled $11.269 billion in net flows since inception.

However, Bitcoin is Currently struggling Along with the soaring prices. The cryptocurrency is currently down 12% from its all-time high of $73,780. Achieved at the beginning of the month. At the same time, the Spot Bitcoin ETF witnessed: daily leak Last week in the middle of a price war.Meanwhile, Bitcoin continues to attract strong emotions As support from investors gathers, cryptocurrencies may soon resume their price surge.

Featured images from Pexels, charts from TradingView

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