Cathie Wood recently said that the currency devaluations in Nigeria, Egypt, and Argentina are the triggers of Bitcoin’s price. Check out the latest reports about this below.
Bitcoin to hit $1.5 million, she says
Cathie Wood, the CEO of ARK Invest, has attributed the record-high surge of Bitcoin this year to the devaluation of national currencies across the globe.
Over the past 12 months, Bitcoin (BTC) has witnessed a growth of more than 130%, reaching an all-time high of $73,800 last month. This rise in demand was fueled by spot bitcoin ETFs in the United States.
Wood touted a separate narrative in an interview with CNBC, stating that Bitcoin is an “insurance policy against rogue regimes and horrible fiscal and monetary policies.”
“There is something else going on around the world.” Wood said.
“There are currency devaluations taking place that people are not talking about. The Nigerian naira is down 50, 60% in the last nine months. Egypt just devalued by 40%. Argentina, continuing to devalue. I think is a flight to safety taking place, a hedge against devaluation a hedge against a loss of purchasing power and wealth.”
Two weeks ago, Wood reiterated a $1.5 million price target for Bitcoin, labeling it as a “financial super highway.”
“We saw this even here in the United States last year.”
Today, she stated that while regional banks were collapsing, Bitcoin’s value had risen by 40%.
She also added that Bitcoin did not have any counterparty risk and could be considered both a risk-on and a risk-off asset. She recalled investing in Bitcoin at $250 when there was a chance of Greece leaving the Euro.
Michael Saylor has recently addressed the legitimacy of Bitcoin and said that the king crypto could hit $1 million. Here’s the video in which he places the spotlight on BTC below.
“If #Bitcoin is not going to zero, it’s going to $1 million.” — @saylor 🙌 pic.twitter.com/Z0UuYIUsyr
— Bitcoin Magazine (@BitcoinMagazine) March 30, 2024
Stay tuned for more news from the crypto industry.