Ark Invest CEO and famous stock picker Cathie Wood is one of crypto's biggest bulls. It's no secret that she is extremely optimistic about the long-term potential for cryptocurrencies, with Bitcoin (CRYPTO: BTC) being potentially one of the best investments to hold on to, according to her.

Today, Bitcoin's value is around $40,000 but in the long run, Wood believes it could be even better than a 10-bagger and grow to $650,000 or more. But why is she so bullish on Bitcoin?

In a recent interview with Yahoo! Finance, Wood was discussing her optimistic views on Bitcoin and what the approval of spot Bitcoin exchange-traded funds (ETFs) would mean for the cryptocurrency. And approval of the ETFs, she believes, would signal to institutional investors that the "coast is clear," implying that it will be safer and more acceptable for institutions to invest in Bitcoin. At the time of the interview, which was in mid-November, regulators hadn't yet approved spot Bitcoin ETFs -- but that finally happened on Jan. 10.

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Source Fool.com