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Cathie Wood: Bitcoin rally linked to global currency devaluation

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According to Cathie Wood, CEO of ARK Invest, Bitcoin’s remarkable 130% rebound over the past year may be due to the global devaluation of national currencies.

“There are currency devaluations that people don’t talk about,” Wood remarked in an interview with CNBC, pointing to significant declines in the value of currencies like the Nigerian naira and the Egyptian pound, among others.

Wood added that in these volatile financial times, Bitcoin (BTC) has emerged as a digital asset and a potential hedge against economic instability. The CEO of ARK Invest described Bitcoin as an insurance policy against rogue regimes and horrible fiscal and monetary policies.

Wood’s view has been further reinforced by demand for spot Bitcoin ETFs in the United States, signaling broader acceptance and integration of this digital currency into the financial mainstream. The ARK 21Shares Bitcoin ETF took the helm on March 28, setting a record daily inflow of $243.5 million, demonstrating interest and demand for Bitcoin at the institutional level.

Cathie Wood’s Bitcoin Forecast

Wood’s optimism about Bitcoin’s future remains intact, as evidenced by his $1.5 million price target. She says she views Bitcoin as a “financial superhighway,” devoid of counterparty risk and uniquely positioned as both a “risk-on” and “risk-free” asset.

Wood’s confidence in Bitcoin’s resilience and potential as a hedge against financial uncertainty is also illustrated by his reflections on its performance during regional banking crises in the United States.

She said: “Bitcoin has no counterparty risk,” recalling the rise in the asset’s value during the banking crisis of early 2023.

In September jobWood also spoke out on the intersection of Bitcoin and AI.

She said: “The convergence between Bitcoin and AI could transform the way businesses organize, causing costs to collapse and productivity to explode. »

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