Cathie Wood's Ark Invest Launching Crypto ETFs with 21Shares, Sets $600K+ Bitcoin Price Target
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ARK Invest is launching new crypto ETFs in partnership with 21shares, leveraging each other's expertise.
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Cathie Wood believes bitcoin is the first global, digital, private, rules-based monetary system.
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Ark has filed for a spot bitcoin ETF and received questions back from the SEC, which Wood sees as progress towards potential approval.
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Wood's base case for bitcoin is $600,000-$650,000 but she thinks it could go even higher with more institutional investment.
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Approval of a spot bitcoin ETF could open the floodgates for more institutional investment in bitcoin.