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Ark Invest CEO Cathie Wood said that Bitcoin is performing so well in part because it is being used as an insurance policy against ”rogue regimes” and currency devaluations around the world.
“I think this is an insurance policy against rogue regimes or against just horrible fiscal and monetary policies,” Wood said in an interview with CNBC. ”There are currency devaluations taking place that people are not talking about. I think this is a flight to safety, believe it or not, taking place, a hedge against devaluation, a hedge against a loss of purchasing power and wealth.”
The Nigerian naira is down up to 60% in the last nine months, she said, adding that Egypt just devalued by 40%, and Argentina continues to devalue.
Bitcoin, on the other hand, has surged 134% over the past year to trade at $66,365 as of 7:27 a.m. EST. It’s also up 139% in the past six months and has soared more than 50% this year.
CATHIE WOOD: There are currency devaluations around the world that people are not talking about:
Nigerian Naira down 60%
Egypt devalued 40%“Bitcoin is a hedge against a loss of purchasing power.”
— Bitcoin Archive (@BTC_Archive) April 3, 2024
Wood Says Bitcoin Is Also A Risk-Off Asset
Wood said that historically Bitcoin tends to gain whenever there is a crisis in the traditional financial sector.
For instance, during the early 2023 banking crisis that saw the collapse of Signature Bank and Silvergate, Bitcoin surged by around 40%. Wood said this shows that Bitcoin is both a risk on and risk-off asset.
Last month Wood reiterated her prediction that Bitcoin would hit $1.5 million amid an influx of institutional money from spot Bitcoin ETFs and called BTC ”a financial super highway.”
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