Cathie Wood, the CEO of ARK Invest, believes that Bitcoin (BTC) is on the rise as a safe haven against the devaluation of fiat currencies. In an interview with CNBC, Wood described BTC as an investment suitable for both risky and safe market conditions. She pointed to the new ETFs in the United States as potentially affecting the mainstream Bitcoin narrative, but she also highlighted another significant factor in the market.
Wood emphasized that while institutions are gaining exposure to BTC, regular citizens are presented with an even more crucial opportunity. She pointed to the deliberate devaluation of currencies such as the Nigerian naira and Egyptian pound against the U.S. dollar as a result of government interventions, which she believes is driving a “flight to safety” into Bitcoin.
In addition, Wood referenced previous financial crises and described Bitcoin as an insurance policy against rogue regimes and poor fiscal and monetary policies. Despite the rise of ARK’s ETF product and the support from the world’s biggest asset managers, the fund saw unprecedented net outflows of nearly $90 million this week.
This trend may be linked to quarterly rebalancing flows, according to popular trader Daan Crypto Trades. Additionally, preliminary outflows from the Grayscale Bitcoin Trust at around $130 million on April 2 were revealed by data from crypto intelligence firm Arkham, which ARK’s outflows surpassed.
Despite the recent developments, Wood has remained steadfast in her prediction of a $1 million BTC price before 2030 due to a new wave of institutional money. However, she noted that the majority of the target market for Bitcoin has not yet jumped on board. It is important to note that this article does not offer investment advice or recommendations, and readers should conduct their own research before making any decisions involving investment and trading.