Cathie Wood, CEO of Ark Invest, expressed that Bitcoin's success is due in part to its function as a safeguard against "rogue regimes" and fluctuating currency values across various countries. She highlighted instances such as the significant devaluation of the Nigerian naira by up to 60% and Egypt's recent 40% devaluation. In contrast, Bitcoin has shown a remarkable surge of 134% over the last year, trading at $66,365 currently. Wood emphasized that amidst global economic instability, Bitcoin serves as a reliable asset, protecting against loss of purchasing power and wealth.

Wood Identifies Bitcoin as a Valuable Risk-Off Asset

Wood also mentioned that Bitcoin typically experiences gains during financial crises within traditional markets. For instance, during the banking crisis in early 2023, Bitcoin rose by approximately 40%. This trend suggests that Bitcoin acts both as a risk-on and risk-off asset. Wood further reiterated her belief that Bitcoin could reach $1.5 million, fueled by institutional interest through spot Bitcoin ETFs, describing Bitcoin as a "financial superhighway."