Cathie Wood: Bitcoin's Meteoric Rise Tied to 50-60% Currency Devaluations in Nigeria and More

EddieJayonCrypto

 3 Apr 24

tl;dr

Summary: Cathie Wood, CEO of ARK Invest, has linked bitcoin's surge to national currency devaluations worldwide, citing the Nigerian naira's 50-60% drop, Egypt's 40% devaluation, and ongoing devaluations in Argentina. She views bitcoin as a hedge against devaluation and loss of purchasing po...

Summary: Cathie Wood, CEO of ARK Invest, has linked bitcoin's surge to national currency devaluations worldwide, citing the Nigerian naira's 50-60% drop, Egypt's 40% devaluation, and ongoing devaluations in Argentina. She views bitcoin as a hedge against devaluation and loss of purchasing power. Wood reaffirmed a $1.5 million price target for bitcoin and emphasized its role as a "financial super highway," highlighting its resilience amid economic uncertainties and geopolitical risks.

• Cathie Wood said currency devaluations in Nigeria, Egypt and Argentina are behind bitcoin's rise this year.
• Wood labelled bitcoin as an "insurance policy" against rogue regimes.
• Last month she reiterated her bitcoin price target of $1.5 million.

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