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25 April 2024
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ARK Invest CEO Cathie Wood Backs Bitcoin Amid Currency Devaluations

ARK Invest CEO Cathie Wood Backs Bitcoin Amid Currency Devaluations

  • Wood characterized BTC as an investment that has both upside and downside risks.
  • People are ignoring the fact that there are currency devaluations happening, as per Wood.

According to ARK Invest CEO Cathie Wood, Bitcoin’s (BTC) ascent might be attributed to its status as a “flight to safety” from depreciating fiat currencies. In an interview that was made public on April 3 by CNBC, Wood characterized BTC as an investment that has both upside and downside risks.

While U.S.-based exchange-traded funds (ETFs) may have dominated the 2024 Bitcoin narrative, ARK’s Wood sees another critical component. The opportunity being provided to ordinary folks is even more significant than the fact that institutions are now receiving much-needed exposure to Bitcoin.

Currency Devaluations

People are ignoring the fact that there are currency devaluations happening, as per Wood. Moreover, Wood brought up the examples of currencies like the Egyptian pound and the Nigerian naira, which have both seen their value plummet by half compared to the dollar in the last several months.

The exchange rate was devastated in these and other instances due to intentional government actions rather than direct market dynamics. The conversation also touched on the 2013 Greek financial crisis and the U.S. regional banking crisis that occurred last year, all of which contributed to the price increases of bitcoin.

Wood came to the conclusion that this served as a safeguard against renegade governments or just terrible fiscal and monetary policies. As ARK’s ETF product competes with the largest asset managers in the world, Wood has maintained her vocal backing of Bitcoin.

The sudden flood of institutional money is the main reason, according to Wood’s March prediction, that a $1 million BTC price tag will be arriving before 2030.

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