Cathie Wood: "Price per bitcoin will eventually reach $3.8 million"

Cathie Wood, CEO of Ark Investments, has claimed that the price of bitcoin (BTC) will eventually reach $3.8 million, citing changing global economic market dynamics.

Speaking at a conference in New York City on Wednesday, Cathie Wood pointed to the declining value of traditional investment assets due to the global economic downturn and the resulting increase in the value of bitcoin, which she said will lead to a significant increase in the price of bitcoin. "The growing adoption of bitcoin by developing countries to preserve the value of their reserves represents a major shift in the dynamics of the global economy," he said. "Unprecedented inflation and the subsequent adoption of bitcoin by citizens will sustain the value of bitcoin."

Many pundits have pointed to the influx of institutional money from the launch of a bitcoin spot exchange-traded fund (ETF) in the U.S. as the cause of bitcoin's price surge this year and a driver of future price gains. Cathie Wood disagrees. Likening bitcoin to a "financial superhighway," Cathie Wood argues that bitcoin will reshape the global financial system, causing its price to explode. "By 2030, bitcoin will be worth $1.5 million, and over time, bitcoin will eventually reach $3.8 million," he said. "ArkInvest currently allocates 25% of its investments to bitcoin," he said.