Cathie Wood: Bitcoin Serves as a Safeguard Against Ineffective Government Fiscal Measures

Bitcoin (BTC) is experiencing a surge in value because it is seen as a safe haven against the devaluation of fiat currencies, according to Cathie Wood, CEO of ARK Invest. In an interview with CNBC, Wood described Bitcoin as both a risky and risk-averse investment. She believes that the devaluation of fiat currencies is driving up the price of Bitcoin. While the introduction of new exchange-traded funds (ETFs) in the United States may have influenced the mainstream narrative around Bitcoin, Wood believes that the devaluation of fiat currencies is a significant factor in its rise. She pointed to the Nigerian naira and Egyptian pound, both of which have lost nearly half of their value against the US dollar in recent months due to deliberate government interventions. Wood sees Bitcoin as a flight to safety in response to these devaluations, as well as an insurance policy against rogue regimes and poor fiscal and monetary policies. Despite the recent outflows from ARK’s ETF, Wood remains bullish on Bitcoin and predicts that its price could reach $1 million before 2030, thanks to increased institutional investment. It is important to note that this article does not provide investment advice and readers should conduct their own research before making any investment decisions.