Cathie Wood Attributes Bitcoin's Rise to National Currency Devaluations
ARK Invest CEO Cathie Wood attributes Bitcoin's rise to a record high this year to national currency devaluations globally. Bitcoin has increased over 130% in the past year, reaching an all-time high of $73,800 last month due to demand from spot bitcoin ETFs in the US. Wood views Bitcoin as an insurance policy against rogue regimes and poor fiscal and monetary policies. She points out currency devaluations, such as the Nigerian naira dropping 50-60% in the last nine months and Egypt devaluing by 40%, as reasons for a flight to safety and a hedge against devaluation and loss of purchasing power. Wood maintains a $1.5 million price target for Bitcoin, calling it a "financial super highway." She also notes that Bitcoin doesn't have counterparty risk, making it both a risk on asset and risk off.
