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Cathie Wooden mentioned forex devaluations in Nigeria, Egypt and Argentina are behind bitcoin’s rise this yr.
Wooden labelled bitcoin as an “insurance coverage coverage” towards rogue regimes.
Final month she reiterated her bitcoin worth goal of $1.5 million.
ARK Make investments CEO Cathie Wooden has mentioned bitcoin’s rise to a document excessive this yr has been partially attributable to nationwide forex devaluations all over the world.
Bitcoin (BTC) has gained greater than 130% previously 12-months, hitting an all-time excessive of $73,800 final month alongside a wave of demand from spot bitcoin ETFs in the USA.
Wooden touted a separate narrative in an interview with CNBC, stating that bitcoin is an “insurance coverage coverage towards rogue regimes and horrible fiscal and financial insurance policies.”
“There’s something else happening all over the world.” Wooden mentioned. “There are forex devaluations going down that individuals are not speaking about. The Nigerian naira is down 50, 60% within the final 9 months. Egypt simply devalued by 40%. Argentina, persevering with to devalue. I feel is a flight to security going down, a hedge towards devaluation a hedge towards a lack of buying energy and wealth.”
Two weeks in the past Wooden reiterated a $1.5 million worth goal for bitcoin, labelling it as a “monetary tremendous freeway.”
“We noticed this even right here final yr in the USA, regional banks imploded, bitcoin went up 40%,” she mentioned right now. “Bitcoin doesn’t have counterparty danger. That is each a danger on asset and it’s danger off. I bear in mind we bought in at $250 when Greece was threatening to depart the euro.”
