Bitcoin Investor Day in New York City features ARK Invest CEO Cathie Wood praising Bitcoin as a “financial super highway”
The first-ever Bitcoin Investor Day was held in New York City on March 22, 2024, by Reflexivity Research, a subsidiary of DeFi Technologies.
Connecting conventional banking with the revolutionary potential of Bitcoin was the overarching goal of the gathering. Industry heavyweights such as Cathie Wood, Anthony Scaramucci, and Mike Novogratz discussed the changing role of Bitcoin in individual and institutional investing plans, with Reflexivity co-founder Anthony Pompliano serving as the moderator.
Reportedly, during the Bitcoin Investor Day conference, ARK Invest CEO and CIO Cathie Wood joined in during a fireside talk, calling Bitcoin a “financial super highway.”
Wood brought attention to the present macroeconomic climate, mentioning the worldwide market shockwaves caused by the interest rate rises implemented by the U.S. Federal Reserve. She highlighted how this is especially true for nations like Nigeria, where the devaluation of the currency has led to a quick uptake of Bitcoin. Wood argues that this particular situation establishes Bitcoin as a risk-off asset, serving as a hedge against risk, and an investment opportunity, functioning as a risk-on asset.
In light of the difficulties faced by conventional banking institutions in developing economies, the discussion veered onto the larger consequences of Bitcoin’s global development.
She did not provide a new price goal for Bitcoin, but she did remember her earlier forecast of $1.5 million, which indicates a positive perspective for the future of the cryptocurrency.
During an interview with Andrew Ross Sorkin and CNBC’s “Squawk Box” co-host in January, Wood discussed the future of Bitcoin in detail.
Wood restated ARK Invest’s bullish view on Bitcoin, after becoming famous for her astute financial and technology forecasts. She referenced ARK Invest’s “Big Ideas” report, which details the reasoning for their Bitcoin pricing prediction. The research estimates that Bitcoin may reach about $600,000 in the future. Moreover, Wood made the point that their more bullish prediction has Bitcoin’s value hitting $1.5 million by 2030—a figure that is likely to come true now that the U.S. SEC has given the go-ahead to several spot Bitcoin ETFs.
According to Wood, Bitcoin is the first ever worldwide, decentralized, digital, and rule-based monetary system. She made it clear that Bitcoin is changing the global financial scene dramatically.
Wood stated that Bitcoin must change its status from an asset to a recognized currency in order to reach these levels when questioned about the possibility of this change. She brought up ARK’s 2015 first study of Bitcoin, which is still available on their website. The research looked at how well Bitcoin might serve as a medium of trade, a unit of account, and a store of wealth. According to Wood’s research, Bitcoin may indeed serve these purposes.
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