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Cathie Wood, CEO of Ark Invest, recently hailed Bitcoin as a robust safe haven asset amidst global currency devaluations. Speaking with CNBC’s Andrew Ross Sorkin, Wood attributed Bitcoin’s recent price surge to the launch of spot Bitcoin ETFs and the depreciating value of currencies in countries like Nigeria, Egypt, and Argentina. Nigeria’s currency plummeted over 50% in nine months, Egypt’s by 40%, and Argentina is witnessing a similar trend. These economic conditions have propelled residents towards Bitcoin, seeking refuge from financial instability. Wood’s comments underscore Bitcoin’s appeal as a hedge against loss of purchasing power.
Further highlighting Bitcoin’s resilience, Wood pointed out the cryptocurrency’s significant gains following the collapse of major U.S. regional banks such as Silvergate, Silicon Valley Bank, and Signature Bank between March and May 2023. Bitcoin’s price notably increased by 40% in response to these banking crises. Additionally, the success of spot Bitcoin ETFs has been instrumental in driving Bitcoin’s price, with a recent report showing a digital asset inflow of $862 million, marking a new all-time high for the cryptocurrency.
