Ark Invest CEO Cathie Wood Says Bitcoin Is an Insurance Policy Against 'Rogue Regimes' and Currency Devaluations

Cathie Wood, CEO of Ark Invest x.com/UnusualMarkets/status/1775542407154504035?s=20″ target=”_blank” rel=”noopener”>saying That bitcoin is doing so well partly because it is being used as an insurance policy against “corrupt regimes” and currency devaluations around the world.

“I think this is an insurance policy against dishonest regimes or just horrible fiscal and monetary policies,” Wood said in an interview with CNBC. ”Currency devaluations are occurring that people do not talk about. I think that, believe it or not, there is a flight towards security, a protection against devaluation, a protection against the loss of purchasing power and wealth.

The Nigerian naira has dropped up to 60% in the last nine months, he said, adding that Egypt has just devalued by 40% and Argentina continues to devalue.

bitcoin, on the other hand, is up 134% over the past year to trade at $66,365 as of 7:27 a.m. EST. It is also up 139% in the last six months and has soared more than 50% this year.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.014545454545″>

CATHIE WOOD: There are currency devaluations around the world that people don't talk about:

The Nigerian naira fell by 60%
Egypt was devalued by 40%

“bitcoin is a protection against the loss of purchasing power.”

pic.twitter.com/0n3zPsd3rm

– bitcoin Archive (@BTC_Archive) twitter.com/BTC_Archive/status/1775516315270148346?ref_src=twsrc%5Etfw”>April 3, 2024

Wood says bitcoin is also a risk-free asset

Wood said that historically bitcoin tends to win whenever there is a crisis in the traditional financial sector.

For example, during the banking crisis of early 2023, which saw the collapse of Signature Bank and Silvergate, bitcoin rose by around 40%. Wood said this shows that bitcoin is a risky and riskless asset.

Last month, Wood reiterated his prediction that bitcoin would hit $1.5 million amid an influx of institutional money from spot bitcoin ETFs and called btc “a financial superhighway.”

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