Ark Invest chief executive officer (CEO) Cathie Wood has called Bitcoin (BTC) a “financial superhighway” and reiterated her price target of $1.5 million U.S. for the largest cryptocurrency.
Wood, whose Ark Invest recently became an issuer of a spot Bitcoin exchange-traded fund (ETF), ticker symbol “ARKB,” doubled down on her price target at the Bitcoin Investor Day conference held in New York City.
Since its launch in January of this year, Ark’s spot Bitcoin ETF has become one of the more successful such investment vehicles among about a dozen similar funds in the U.S. market.
At one point during her remarks, Wood said that with more institutional investors entering the crypto ETF space, Bitcoin’s price could easily rise above $3.5 million U.S.
However, Wood ended her talk by saying that “Bitcoin has miles to go,” and reiterated her previous $1.5 million U.S. price target on the digital asset.
The price of Bitcoin is currently at $67,250 U.S., having increased 53% so far in 2024.
